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Future Food LP

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American Capital Invests $43 Million in Buyout of Leading Producer & Marketer of Refrigerated Dips, Spreads & Seafood Salads
Bethesda, MD - July 27, 2004 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it has invested $43 million in the buyout of Future Food LP, a producer and marketer of refrigerated dips, spreads and seafood salads, from Transition Capital Partners and Private Equity Partners. American Capital's investment takes the form of a senior term loan, senior and junior subordinated debt with warrants and common partnership interests. Texas Capital Bank, a subsidiary of Texas Capital Bancshares (Nasdaq: TCBI), is providing a revolving credit facility and a senior term loan. Future Food management is also investing in the common stock. American Capital owns approximately 99% of Future Food on a fully diluted basis. [more...]

Future Food Dips into New Opportunities
In the mid-1980s Joel Wishnick, Texas entrepreneur and founder of Future Food, Ltd., developed recipes for dips and spreads using surimi, imitation crab meat made from Pollack fish. These recipes, which were tasty and more affordable than real crab, created a new market niche and led to expansion into retail food channels throughout the country. Today Future Food is the country's largest producer and marketer of refrigerated seafood dips, spreads, and salads, with revenues significantly greater than its largest competitor. Based in Carrollton, Texas, Future Food is sold in 45 states through retailers that include Wal-Mart, Costco and major grocery chains such as Winn-Dixie, Albertsons, Safeway and Giant. [more...]

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