ICV Capital acquires Sterling Foods for $35M – Brief Article

ICV Capital acquires Sterling Foods for $35M – Brief Article – Statistical Data Included

New York private equity firm ICV Capital Partners llc announced Thursday the closing of its $35 million acquisition of Sterling Foods Inc., a San Antonio supplier of bakery products for the military and commercial markets. ICV and Sterling’s management team committed $15.1 million in equity. Heller Financial added a $21 million senior credit facility. Sterling marks the first investment for ICV, which last March raised its initial private equity investment fund, ICV Partners LP, to $130.5 million. ICV Capital emphasizes companies that operate in or hire from inner cities, or companies owned by ethnic minorities or active in ethnic-minority markets. ICV is 49%-owned by New York buyout firm American Securities Capital Partners LP and ICIC Enterprises Inc., an affiliate of the Initiative for the Competitive Inner City. ICIC is a Boston research and consulting organization. — David Carey and Greg Johnson www.TheDeal.com

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