H-Food Holdings, LLC, the parent company of Hearthside Food Solutions—the largest contract food manufacturer in the United States—filed a prearranged Chapter 11 case on November 22, 2024, in the Southern District of Texas (Case No. 24-90586) before Judge Alfredo R. Pérez. Headquartered in Downers Grove, Illinois, the company operated 28 manufacturing and packaging facilities across 11 U.S. states and Canada with approximately 12,100 employees and estimated 2023 sales of $4 billion. Owned by Charlesbank Capital Partners and Partners Group since a 2018 acquisition valued at approximately $2.7 billion, the company faced mounting financial pressure from a maturity wall on approximately $2.75 billion in funded debt, declining EBITDA (from $258 million in 2021 to approximately $184 million in 2024), wage inflation that increased labor costs 17.2% since 2021, post-COVID volume shifts, and reputational harm following a February 2023 New York Times investigation into child labor practices. The Debtors secured $300 million in DIP financing ($150 million new money and $150 million roll-up), filed a plan within 21 days, and confirmed the Third Amended Joint Chapter 11 Plan of Reorganization on March 11, 2025. The plan became effective March 31, 2025, when the company emerged as Maker's Pride LLC with approximately $2 billion in debt eliminated, approximately $600 million in exit liquidity, and new majority ownership by funds managed by Apollo and Oaktree Capital Management.
