Lipari Foods, an H.I.G. Capital Portfolio Company, Completes Acquisition of Tut’s International
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SAN FRANCISCO--(BUSINESS WIRE)--H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $43 billion of equity capital under management, is pleased to announce that its portfolio company, Lipari Foods ("Lipari" or the "Company"), a leading distributor, manufacturer, and importer of perimeter-of-the-store, specialty, and branded food products, has acquired the assets of Tut's International Export & Import Co., Inc. ("Tut's International" or "Tut's").

Located in Dearborn, MI, Tut's International has been importing and distributing high-quality Middle Eastern and Eastern European foods in North America for nearly 50 years. The company imports more than 4,000 products from approximately 80 countries, proudly serving over 3,000 grocery retail customers. Tut's International offers multiple brands including Dobrova, Shahia, and Lebanon Valley across a broad product portfolio including olive oils, pickles, rice, pasta, canned goods, and meat, fish, and dairy products.

"Tut's International is a trusted leader in the Middle Eastern and Eastern European specialty food category and we are excited to add their expertise to the Lipari platform," commented Thom Lipari, President and CEO of Lipari Foods. "Acquiring Tut's strengthens our strategic position as one of the premier 'perimeter-of-the-store' and specialty grocery distributors in the U.S. We look forward to partnering with the Tut's team to continue growing our international specialty division."

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"We are pleased to have supported Lipari's acquisition of Tut's International," added Justin Reyna, Managing Director at H.I.G. "This investment fits squarely in our strategy of acquiring unique and complementary food distribution businesses in existing and adjacent markets with significant value creation opportunities."

Tut's International is the third add-on acquisition that Lipari has completed since H.I.G. acquired the Company in January 2019 and is part of a broader M&A-oriented growth strategy.

About Tut's International
Tut's International is regarded as one of the oldest and most reputable importers of quality Middle Eastern and Eastern European Foods in North America. For nearly 50 years, the company has been importing more than 4,000 items from approximately 80 countries. Servicing everything from national supermarket chains to ethnic grocery retailers and everything in between, Tut's continues to be at the leading edge of market development and modern mass market development in the food industry.

About Lipari Foods
Jim Lipari, who began his career delivering BBQ sauce from the back of his Buick station wagon, founded Lipari Foods in 1963. Today Lipari Foods is a leading independent "perimeter-of-the-store" distributor in the Midwest and beyond, delivering a wide range of high-quality deli, bakery, dairy, specialty retail, seafood, packaging, confections, and organic food and beverage products to over 13,000 retail locations across 48 states. Over the years, Lipari Foods has also made substantial investments in its manufacturing and importing capabilities, which both support the distribution operation. Since that first employee in 1963, Lipari Foods has grown to 1,900 associates while its product offering of one BBQ sauce has grown to more than 25,000 items.

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About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $43 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.stats
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