PAK Quality Foods LLC and D Bar Cold Storage LLC doing business as FrigiServe are announcing that they had completed an equity recapitalization of the company by an affiliate of Cross Rapids Capital LP.

Founded in 1988 by Gary and Patty Stokes, PAK Quality Foods is a food distributor, serving foodservice, retail and institutional customers throughout Texas and Eastern New Mexico. PAK Quality Foods currently operates with distribution facilities in San Angelo and Fort Worth and offers a full line of proteins (beef, pork, poultry, lamb, and seafood) as well as various dry goods. The company focuses on long-term relationships with customers and guarantees product availability, timely deliveries, competitive pricing and a responsive sales team.

FrigiServe is a technology-driven temperature-controlled supply chain company, serving food producers, retailers, foodservice providers and other customers. FrigiServe currently operates a state-of-the-art purpose-built cold-storage facility in DFW, which prides itself on high-quality service, advanced IT and inventory management technology solutions, and comprehensive services, including freezing, blast freezing, cross-docking, kitchen demonstration events and more.

Gary Stokes, co-founder of PAK Quality Foods, said, "Our family is excited to partner with Cross Rapids Capital, who are experienced investors and will accelerate our growth and help us better serve our customers."

Concurrently with closing, the company appointed John Pieper as chief executive officer. Pieper brings a wealth of protein and sales growth experience, with over 35 years of tenure in the field and in the Texas market. Stokes remains a significant shareholder of the company, a member of the board of directors and an executive officer of the company. Terry Stokes remains chief financial officer.

Pieper said, "PAK Quality is a uniquely well-managed business, with high growth potential. I am thrilled to join the team and build on the Company's strong foundation by adding more products and services to our offering, gaining additional customers, and expanding our footprint. Reliable and responsive service to our customers will always be our number one priority."

Kyle Cruz and Mina Spring, partners at Cross Rapids Capital, said, "We believe PAK Quality is a strong platform for growth and look forward to providing additional tools and resources to execute the Company's long-term strategy."

Harris Williams & Co. served as financial advisor, and Decker Jones PC as legal counsel, to PAK Quality. Mayer Brown LLP served as legal counsel to Cross Rapids Capital, and Maranon Capital L.P. and Manulife Investment Management provided the debt financing for the transaction.

Source: PAK Quality Foods LLC