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Key Acertitude client acquired by Bonduelle
Ready Pac Foods executes turnaround and transformation with a strengthened C-suite and executive team.
New York, NY, April 11, 2017 – Acertitude, the executive search firm on a mission to unleash human potential, is pleased to share the news of Ready Pac Foods’ recent sale to Bonduelle, the worldwide leader in ready-to-eat vegetables. On March 21, 2017, Bonduelle announced it completed the acquisition of the U.S. producer of convenience fresh meal solutions, salads and fresh cut produce for $409 million, a multiple of about 11 times adjusted EBITDA estimated for FY 2016–2017. The acquisition will benefit Ready Pac Foods through increased investment and extended geographic reach, helping drive its vision for the continued growth of its brand.
“We were impressed with the strength of Ready Pac Foods’ operational excellence, commitment to innovation, and talented management team,” said Bonduelle Chairman and Chief Executive Officer Christophe Bonduelle. “Our interest in Ready Pac Foods was not only because of its attractive product segment and rapid growth, but the value the company delivers to their customers and their committed workforce.”
Acertitude has served as the exclusive executive search partner to Ready Pac since 2013, working closely with Ready Pac CEO Tony Sarsam and his leadership team to deliver the human capital needed to execute a turnaround and enable growth. Acertitude recruited four C-level executives and strengthened their direct-support team with over 40 change agents across all disciplines of the business.
“Finding and empowering the right talent has propelled Ready Pac’s extraordinary transformation,” said Sarsam. “There are many strategic elements contributing to our strong performance, and Acertitude has played an important and ongoing role in our success. We look forward to continuing to have them by our side as we embark on our next chapter with Bonduelle.”
Acertitude Founder and Managing Partner Kevin O’Neill added, “We are thrilled to have been invited to play such a significant part in this amazing story. The transformation Tony and the Ready Pac team have realized is nothing short of remarkable — not only returning the company to profitability but making it an attractive acquisition target for a world-class global business like Bonduelle.”