CIC Partners Invests in Combs Produce, a Leading Provider of Value-added Fresh Produce Services

CIC Partners is pleased to announce an investment in Combs Produce (“Combs” or “the Company”). The investment positions the 50-year-old family-owned and operated company to accelerate its growth. CIC’s investment was structured to allow the shareholders to receive liquidity, capital for growth, and to retain control of the Company.

CIC Partners’ investment was made in partnership with CIC operating partner Jay Pack and the Company management team as part of CIC’s ongoing initiative to invest with industry experts in growing and profitable businesses in the food industry. Drew Johnson, partner of CIC Partners, said, “Over the past 20 years, we have compiled a strong track record of food industry investments that has created significant value for our management teams and investors. I am excited to partner with this team to once again create value in a sector where our firm has excelled.”

Combs, based in Dallas, TX, operates as a produce repacker and wholesaler providing services to growers, retailers and foodservice distributors in Texas, Oklahoma, Arkansas, Missouri and Louisiana. Combs Produce specializes in integrated value-added services for fresh produce, including repacking, ripening and breaks/splits and logistics services.

Brett Combs will continue as the CEO of Combs Holdings. Jay Pack will serve as Executive Chairman, providing direct leadership and industry expertise to management. Jay is the former owner and CEO of Standard Fruit & Vegetable, a $400 million integrated repacker, logistics and value-added produce company acquired by a NYSE company in January 2003.

CEO Brett Combs said, “We chose to work with CIC Partners because of its history of investing in the food industry. In addition, Jay Pack provides us with unique experience and insights into growing our business. We have already benefited from our new investment partners and look forward to building upon our customer focused strategy.”

Jay Pack, CIC operating partner and Executive Chairman of Combs, stated, “Much of their success has come from their strategy of focusing on providing quality products, food safety, and value-added services to their customer base.”

Amir Yoffe, principal of CIC Partners and Combs Board member added, “We seek to build on the strong foundation that Combs has established, and look forward to realizing expansion through continued investment in the key products and services that our customers demand.”

For more information about Combs Holdings, please visit http://www.combsproduce.com.



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