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O2 Sponsor Finance Provides Senior Secured Credit Facilities to Support Catalina Finer Food, LLC in their Acquisition of Saugatuck Kitchens, LLC

CHICAGO, IL / ACCESSWIRE / April 15, 2024 / O2 Sponsor Finance, a division of Old Second National Bank, announced that it provided senior secured credit facilities to support their client Catalina Finer Food, LLC ("Catalina") in their acquisition of Saugatuck Kitchens, LLC in partnership with shareholders Midwest Growth Partners, Promise Holdings, Gemini Investors, Farragut Capital Partners, Lake Country Capital, SharpVue Capital, and Spring Capital ("the Sponsors").

Catalina, founded in 1974, is a Tampa, Florida based manufacturer of authentic Cuban and Caribbean cuisine including varieties of croquettes, stuffed potato balls, tamales and other ancillary products. Catalina provides these frozen products to a variety of foodservice and retail grocery customers.

Saugatuck Kitchens, LLC located in Stratford, Connecticut is a producer of premium, handcrafted frozen foods for a diverse customer base including large supermarket chains, wholesale food distributors, high-end grocery stores and online food catalogs.

"Having partnered with the Sponsors a few months earlier on a recap of Catalina, we were excited to support their very complimentary add-on acquisition of Saugatuck Kitchens, LLC. Saugatuck is a transformative add-on acquisition by Catalina, as it diversifies their food product lines outside of Cuban and Caribbean cuisine. It adds the Northeast US region to their customer distribution base and provides significant cross-sell opportunities," said Thom Karle, Senior Vice President, O2 Sponsor Finance.

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About Midwest Growth Partners: Midwest Growth Partners, headquartered in Iowa with an additional office in Nebraska, is a private equity firm responsible for more than $325 million of private capital across three funds. MGP invests in established companies within the food and agriculture, manufacturing, and distribution industries. Current MGP investments have revenues totaling over $1 billion annually, employing over 3,000 people. For more information, please visit:

About Promise Holdings: Promise Holdings is a private holding & investment company that invests in and operates early and late stage businesses in the following primary Consumer industry sectors: Food & Beverage, Fashion, and Entertainment & Leisure.

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About Gemini Investors: Founded in 1993, Gemini is a Massachusetts-based investor in smaller middle market private companies to acquire both control and minority stakes. Gemini offers a flexible investment approach to provide a wide range of financing structures, which include subordinated debt with warrants, preferred stock, and common equity. The firm has extensive experience structuring and leading transactions, as well as co-investing with other private equity firms and independent deal sponsors.

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About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $100 million in revenue and between $2 million and $10 million in EBITDA. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of lower middle market companies. For more information, please visit

About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website

Old Second National Bank, Member FDIC, was named number one among "Best Bank in Illinois 2021." This was the second straight year the bank was selected by customers for the award. Awards are determined based on a survey of over 25,000 U.S. customers who rate banks on overall satisfaction as well as trust, terms and conditions, branch services, digital services and financial advice.

As of December 31, 2023, Old Second has approximately $5.7 billion in assets, $4.6 billion in deposits and $4.0 billion in loans.


Bradley S. Adams EVP, Chief Operating Officer and Chief Financial Officer
(630) 906-5484

SOURCE: Old Second Bancorp Inc.

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