Azalea Capital Invests in The Virginia Food Group

GREENVILLE, SC – Azalea Capital is pleased to announce its recent investment in The Virginia Food Group (VFG).  Based in Wakefield, VA, The Virginia Food Group was established through the merger of Virginia Diner, FERIDIES, The Peanut Shop of Williamsburg, and Red Rocker Candy. Each company manufactures, markets, and distributes premium Virginia peanuts and snack mixes through the Company’s own websites and retail stores as well as leading retailers throughout the United States and Canada.  Andrew Whisler, former President and shareholder of VFG since April 2019, has been promoted to CEO of the Company with the completion of this transaction. Whisler and Bill Delchiaro, former CEO and Chairman of VFG, will remain shareholders in the Company and serve on the Board of Directors.

“We are very excited to partner with Azalea Capital and our other institutional investors,” said Whisler. “Their alignment with our core values and emphasis on growth will enable VFG’s brands and our associates to reach their full potential.  We look forward to bringing our distinct snack offerings to many new customers and retail partners in the coming years.”

To complete this transaction, Azalea partnered with NewSpring Capital, Farragut Capital Partners, and Salem Investment Partners, which contributed subordinated debt and equity co-investment alongside Azalea Capital, Gordon River Partners, and Promise Holdings.  The transaction was also supported by Atlantic Union Bank, which provided senior debt.

For more information, please contact Ed Stein, Director of Business Development at Azalea Capital (estein@azaleacapital.com).