Pike Street Capital LLC, a private equity firm, has invested in Fair Market Inc., a family-run wholesale specialty food distributor based in Wentzville, Missouri. FMI serves a large, steadily growing market and provides a unique value proposition to both its customers and suppliers.
The Pike Street investment will serve to accelerate this growth trajectory by expanding its addressable markets and product lines.
FMI was founded in 1997 by Marvin Eisenbath and has established itself as a trusted partner in both retail and foodservice distribution across North America. In addition to FMI’s distribution platform, the family operates Supreme Cuisine, a producer of premium, ready-to-cook braised meats, sauces and custom private label products, and Kansas City Protein, a processor and packer of high-quality meats for distribution to restaurants and retailers.
Rim Rock Farm, Club Pack, Good to Go and CC’s Bakery are some of the branded products manufactured by FMI and found in the nation’s leading grocery stores.
“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 has teamed up with Rich Friedlen, an industry executive with more than 30 years’ experience in the food distribution space, who will join FMI as CEO. Marv Eisenbath will remain significantly 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 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.”
Pike Street invests in middle-market companies with leading market positions, strong management teams and discernible growth drivers. The firm targets sectors serving professional customers and B2B growth where it has relevant investing and operating experience, including industrial technology, specialty manufacturing, distribution and logistics, and business services.
Fair Market has additional locations in Montgomery City and Kansas City, Missouri.