GenNx360 Capital Partners has moved Whitsons Culinary Group into a single-asset continuation fund backed by $285m of total equity commitments, including capital reserved for growth. Both GenNx360 and Whitsons' management team reinvested significantly, with GenNx360 Capital Partners IV also participating.
Nick Lawler, managing director and head of secondaries at Churchill Asset Management, noted Whitsons' strong track record and expansion across attractive markets. GenNx360 acquired a majority stake in Whitsons in September 2021 from the Whitcomb family, which had run the company since its 1979 founding. Paul Whitcomb remained CEO post-acquisition.
Since then, Whitsons expanded through acquisitions including Lintons Food Service Management, Fresh Picks Café, Arbor Management, and Glendale Senior Dining. Rishi Verma, partner at GenNx360, said the company grew from seven to 17 states and entered residential healthcare, co-manufacturing, and food service transportation.
The continuation fund gives existing investors liquidity while allowing GenNx360 to retain control for future growth. This follows GenNx360 closing Fund IV at $865m in August 2024 and returning over $2bn to investors in two and a half years.
Source: PE Insights · Summarized by HeadlinesBriefing