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Shore Capital Partners closes its third food and beverage fund with over $450 million in commitments, bringing total assets under management to approximately $13 billion. The fund targets lower middle market companies in manufacturing, packaging, and distribution, with a focus on strategic M&A and operational support. Three team members were promoted to Partner, reinforcing leadership within the growing platform.
$450 Million and Counting: Why Investors Flock to Shore Capital’s Latest Fund
Shore Capital Partners, a Chicago-based private equity firm with additional offices in Nashville, announces the close of its third food and beverage fund, Shore Capital Food & Beverage Partners Fund III, with over $450 million in capital commitments. This milestone increases the firm’s total assets under management to approximately $13 billion.
The fund was significantly oversubscribed. It attracted interest from both returning and new limited partners, including university endowments, financial institutions, funds of funds, and family offices. Shore’s partners also invested a substantial amount of their own capital in the fund, reinforcing their alignment with investors.
Inside Shore’s Strategy: Scaling Food and Beverage Without the Guesswork
Shore Capital maintains a focused strategy targeting lower middle market companies across food and beverage manufacturing, packaging, distribution, and related services. The firm seeks partnerships with founders and management teams running businesses that generate between $5 million and $100 million in annual revenue.
Growth is pursued through several key methods:
- Hands-on operational support
- Strategic mergers and acquisitions
- Access to Shore’s broader platform resources
The firm concentrates on sectors where operational execution and strategic scale can unlock measurable value.
Meet the Power Players Driving the Fund Forward
The fund is led by Founder and Managing Partner Justin Ishbia, alongside Partner Richard Boos. Three internal promotions were also announced in conjunction with the fund close: Tom Smithburg, Jeff Smart, and Jeff Smith were all elevated to Partner.
Each of the newly appointed partners has played a significant role in developing and expanding the firm’s food and beverage platform. Their promotions reflect their contributions to Shore’s growth in this sector and the confidence in their continued leadership.
Not Just Hype: How Shore’s Portfolio Already Delivers Results
Shore’s food and beverage strategy has achieved notable outcomes. Whetstone Distribution and FirmaPak were both included in Crain’s Chicago’s Fast 50, which ranks the fastest-growing companies in the region.
In May 2025, the firm announced the recapitalization of Sweetmore Bakeries using a special purpose vehicle. This move was designed to support the company’s ongoing expansion.
These developments underscore Shore’s ability to help its portfolio companies achieve transformational scale and operational efficiency.
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The Next Frontier: Where Shore Sees Untapped Growth in Food and Beverage
Shore plans to use Fund III to expand into additional food and beverage subverticals. Areas of interest include:
- Produce distribution
- Vending
- Other fragmented segments within the sector
The firm’s approach focuses on segments where its operational playbook and resources can create value. Shore continues to identify spaces with limited consolidation and unmet demand for scaled operations.
What This Means for the Private Equity Landscape
Shore Capital continues to be active across the lower middle market. Its Food & Beverage Fund III contributes to a broader strategy spanning multiple industries, including Healthcare, Business Services, Industrial, and Real Estate.
Between 2015 and 2024, Shore led U.S. private equity deal volume according to Pitchbook Research. It was also recognized five consecutive times as a Top Founder Friendly Investor by Inc. Magazine from 2020 to 2024.
Shore’s consistency in deploying capital efficiently and scaling businesses supports its reputation in the private equity ecosystem.
Why Shore’s Track Record Makes This Fund One to Watch
With approximately $13 billion in assets under management and multiple active platforms, Shore Capital reinforces its ability to execute strategic growth. The launch of Food & Beverage Fund III adds momentum to an already proven framework.
The firm’s promotions, continued sector focus, and investor alignment strengthen its position as an operator-backed investor. Fund III’s close represents both a financial and operational commitment to expanding scalable food and beverage businesses in the lower middle market.
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