SEATTLE- Private equity firm Pike Street Capital announced on Nov. 30 that it would invest in Fair Market Inc. (FMI), a wholesale specialty food company based in Wentzville, Mo.
Founded in 1997 by Marvin Eisenbath, FMI distributes and operates Supreme Cuisine, featuring premium, ready-to-cook braised meats. FMI also includes custom private label products and Kansas City Protein, a processor and packer of meats for distribution to restaurants and retailers.
“We’re thrilled to partner with FMI and the Eisenbath family,” said Ed Whatley, partner at Pike Street Capital. “There is tremendous potential in the food distribution market and FMI has become a market leader under Marv’s direction. The business is well positioned for growth and complements our existing portfolio, where we can leverage our expertise in distribution and logistics.”
Pike Street said it wants the investment to accelerate FMI’s growth trajectory by expanding its addressable markets and product lines.
With the investment, Rich Friedlen will join FMI and become chief executive officer of the company. Friedlen is an executive with more than 30 years of experience in food distribution. Pike Street said Eisenbath would remain invested in the business as an executive within the organization and member of the board.
“Our longstanding relationships have been at the core of our business, so this was a natural step for us,” said Marvin Eisenbath, founder of FMI. “We have known Rich (Friedlen) and the Pike Street partners for a number of years. As a family-operated business, it was important that we find an investment partner who is aligned with our approach to growing the business. I’m looking forward to seeing the benefits the partnership will bring to our customers, suppliers, and employees.”
Other products FMI manufactures are Rim Rock Farm, Club Pack, Good to Go and CC’s Bakery. Many of the products can be found in grocery stores around the country.
Aside from Wentzville, FMI has locations in Montgomery City and Kansas City, Mo.