PSSI Announces A Recapitalization Led By Leonard Green & Partners


Packers Holdings, LLC (“PSSI” or the “Company”) announced today the completion of a recapitalization of the Company by Harvest Partners, LP (“Harvest”), a New York-based private equity firm, and Leonard Green & Partners, L.P. (“Leonard Green”), a Los Angeles-based private equity firm, in partnership with the Company’s management team. Terms of the transaction were not disclosed.

PSSI is North America’s largest and only nationwide provider of critical outsourced cleaning and sanitation services to the food processing industry. Formed in 1972, PSSI services approximately 470 plants across the U.S. and Canada. Customers rely on the Company’s approximately 15,000 employees to perform nondiscretionary cleaning and sanitation services required to operate plants, as well as to manage compliance with ever increasing food safety standards. PSSI proactively works with its customers to improve plant cleanliness, adhere to rigorous food preparation regulations, optimize plant performance, minimize downtime and improve safety standards. The management team of PSSI, including CEO Jeff Kaiser and President Dale Kaiser, will continue to lead the Company.

“PSSI is the clear leader in its market, combining an accomplished management team, an exceptional track record and significant opportunities for continued growth,” said John Danhakl, Managing Partner at Leonard Green. “We are excited to partner with Jeff and Dale Kaiser and Harvest in supporting the next phase of the Company’s growth.”

“PSSI provides a mission-critical service to its customers in the attractive food processing market,” said Jay Wilkins, Managing Director at Harvest. “Outsourcing cleaning and sanitation to reliable, highly-specialized third parties will continue as regulators and the public increasingly focus on the safety of the nation’s food supply and demand the highest standards.” Steve Eisenstein, Senior Managing Director at Harvest, added, “PSSI is well-positioned to benefit from these favorable market tailwinds.We look forward to partnering with Leonard Green and continuing our partnership with management as they build upon PSSI’s history of 25 consecutive years of uninterrupted growth.”

“With the growth opportunities ahead in our business, this is an opportunity to take the next step forward and further our position as the market leader in outsourced services to the food processing industry,” said Jeff Kaiser, CEO at PSSI. “We look forward to working with our new partners at Leonard Green and furthering our relationship with Harvest as we continue to provide exceptional service and value to our customers.”

Harris Williams & Co. and Moelis& Company, LLC acted as financial advisors to PSSI. Committed debt financing for the transaction was provided by Morgan Stanley Senior Funding, Inc., General Electric Capital Corporation and Crescent Mezzanine. White & Case LLP acted as legal advisor to Harvest. Latham & Watkins LLP acted as legal advisor to Leonard Green.

About PSSI

PSSI, headquartered in Kieler, WI, is North America’s largest and only nationwide provider of mission-critical outsourced cleaning and sanitation services to the growing food processing industry. Through its highly trained workforce, PSSI provides cleaning and sanitation services that allow for the efficient and safe daily operation of food processing facilities. PSSI has been the market leader in North America for nearly 40 years and has established long-term relationships with the nation’s leading food processors across approximately 470 served locations. These customers rely on the Company’s base of nearly 15,000 employees to perform nondiscretionary cleaning and sanitation services, as well as to manage compliance with ever increasing food safety standards.

About Leonard Green

Leonard Green is one of the nation’s preeminent private equity firms with over $15 billion of private equity capital raised since inception. Founded in 1989, the firm has invested in 71 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Based in Los Angeles, CA, Leonard Green invests in established companies that are leaders in their markets. For more information, please visit

About Harvest Partners

Founded in 1981, Harvest Partners, LP is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the industrial and energy services, manufacturing and distribution, consumer and business services, and healthcare services sectors. This strategy leverages Harvest’s 30 plus years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit

Dale Kaiser

For Leonard Green & Partners, L.P.
Erika Spitzer
Investor Relations

For Harvest Partners, LP
Jay Wilkins
Managing Director

Caroline Luz
Owen Blicksilver Public Relations, Inc.