Justin Ishbia

SHORE CAPITAL PARTNERS, a Chicago-based private equity firm with substantial presence in Nashville, announced two days ago its close of its Shore Capital Partners Food & Beverage Fund III, which attracted approximately $450MM in capital commitments.

F&B Fund III is to focus on "lower middle market companies across food and beverage manufacturing, packaging, distribution and related services. The fund seeks to partner with founders and management teams of businesses generating $5 million to $100 million in revenue, and accelerate growth through hands-on operational support, strategic M&A, and access to Shore's broader platform of resources," according to Shore's July 1 press release.

The firm is led by Founding and Managing Partner Justin Ishbia JD and reports having approximately $13BN assets under management.

Shore CP made its initial SEC filing on FAB III just three weeks ago, showing zero sales of FAB III securities at that point.

This week, Shore described the fund as having been "substantially oversubscribed."

Kirkland & Ellis LLP served as legal advisor to Shore CP, which did not use a securities placement agent.

In a release two days ago, Ishbia said the close of FAB III "reflects both the strength of our platform and the continued opportunity we see in this sector. Food and beverage remains one of the most active and resilient areas of the lower middle market, with meaningful growth potential through operational excellence and strategic discipline."

Richard Boos

Shore Partner Richard Boos was quoted saying, "We've built a strong foundation in food and beverage by focusing on segments where our operational playbook can unlock substantial value. With Fund III, we're continuing to expand into subverticals like produce distribution, vending, and others where we see market fragmentation and demand for scaled resources. The depth of our team has been key to driving results, and we're excited to continue that momentum with Tom, Jeff and Jeff's leadership as Partners."

FAB III is led by Ishbia, Boos, and recently named Partners Tom Smithburg, Jeffrey Smart and Jeff Smith.

FAB III investors included, in addition to the partners of Shore Capital, "both existing and new limited partners, including university endowments, financial institutions, funds of funds and family offices. The partners of Shore also committed a substantial amount of capital, reinforcing their alignment with investors and continued confidence in the platform," Shore said.

The firm says momentum produced by Shore's food and beverage strategy is reflected in ongoing recognition of its Whetstone Distribution platform; its 2023 partnership with FirmaPak; its representation in Crain's Chicago Business's latest Fast 50; and, Shore's recent recapitalization of Sweetmore Bakeries.

Shore Capital Partners is "an investor in lower middle market companies in the Healthcare, Food and Beverage, Business Services, Industrial, and Real Estate industries. Shore's strategy is to support management partners to grow faster with less risk through access to capital, world-class board and operational resources, and unmatched networking, development, and shared learnings across the portfolio. From 2020-2024, Shore received recognition from Inc Magazine as a 5x Top Founder Friendly Investor and by Pitchbook Research for leading U.S. Private Equity deal volume for the past 10 years, from 2015-2024. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant potential to grow through industry consolidation and organic growth to generate value for shareholders..."

The firm's full July 1 press release is here. •

.last edited by VNC 0907 July 2025