PAK Quality spurs growth with PE recapitalization
PAK Quality Foods and D Bar Cold Storage, which does business as FrigiServe, recently completed an equity recapitalization with an affiliate of New York-based private equity investment firm Cross Rapids Capital.
PAK Quality, founded by Gary and Patty Stokes in 1988, is a food distributor serving foodservice, retail, and institutional customers throughout Texas and Eastern New Mexico. The company currently operates distribution facilities in San Angelo and Fort Worth, Texas, and offers a full line of proteins (beef, pork, poultry, lamb, and seafood) as well as various cheeses, oils, and other dry goods.
FrigiServe is a technology-driven temperature-controlled supply chain company serving food producers, retailers, foodservice providers, and other customers. FrigiServe currently operates a cold storage facility in DFW that prides itself on advanced IT, inventory management technology solutions, and comprehensive services, including freezing, blast freezing, and cross-docking.
“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.” Gary Stokes, company co-founder, said in a news release.
Concurrently with closing, the company appointed John Pieper as CEO. He brings “a wealth of protein and sales growth experience,” PAK Quality said, with over 35 years of tenure in the field and in the Texas market. Stokes remains a “significant” shareholder in the company, a member of the board of directors, and an executive officer.
“Thank you to our employees, customers, and supplier partners for your partnership,” Stokes added. “Our high-quality services will continue uninterrupted, and I am excited about the future.”
Terry Stokes remains chief financial officer at PAK Quality, the company reported.
“PAK Quality is a uniquely well-managed business, with high growth potential,” Pieper said. “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 No. 1 priority.”
