One Rock Capital Partners Acquires Orion Food Systems, L.L.C.

NEW YORK, February 5, 2015 – One Rock Capital Partners (One Rock) announced today that it has acquired Orion Food Systems, L.L.C (Orion or the Company) in partnership with long-time Orion managers Steve Watkins, CEO and Rick Ochs, COO. Financial terms of the transaction were not disclosed. 

Orion is a manufacturer and distributor of food products and a provider of foodservice solutions to the convenience and complementary retail channels in the United States and abroad. The Company supplies hundreds of locations in over 40 states with a complete portfolio of foodservice solutions from ingredients to pre-made entrees and snacks. Orion is headquartered in Sioux Falls, South Dakota and maintains an additional facility in Kimball, Tennessee. For more information, visit

Tony W. Lee, Managing Partner of One Rock commented: “We are excited about our investment in Orion Food Systems. Orion’s products provide substantial incremental profit opportunities to its customers, and we look forward to working with management and our operating team to build upon the Company’s strong foundation.” One Rock Managing Partner R. Scott Spielvogel added: “The entire One Rock team is looking forward to working in conjunction with Steve Watkins and Rick Ochs to build the Orion business. We are joined in our efforts by One Rock’s Operating Partner Kurt Barker, and our foodservice industry team of Frank Orfanello and Bob Littlefield. We believe their collective experience will be an asset to Orion and that they will contribute to the Company’s future growth and development.” 

Orion CEO Steve Watkins commented: “The entire Orion team is excited about the opportunity to continue building the Orion business alongside our new financial partner, One Rock Capital. In addition to committed financial resources, One Rock has introduced board members with relevant operating backgrounds that we think can help accelerate Orion’s growth trajectory.”

One Rock was advised in the transaction by Hogan Lovells LLP. Senior financing for the transaction was provided by Fifth Third Bank and mezzanine financing for the transaction was provided by BMO Mezzanine Fund. The transaction closed on December 24, 2014. 

About One Rock 

One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. One Rock also has a unique strategic relationship with Mitsubishi Corporation, which can provide strategic resources to One Rock and its portfolio companies, including access to potential new business partners, market intelligence, and lowcost sourcing through increased purchasing power globally.


Orion: Sarah Odde at (605) 336-6961
One Rock Capital Partners: (212) 605-6000

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