Centre Partners Invests in Wisconsin Cheese Group

New Heritage Capital Invests in Welcome Dairy

June 23, 2019

Food & Beverage

New Heritage Capital completed a minority recapitalization investment in Wisconsin-based Welcome Dairy Holdings, LLC, providing founders liquidity while leaving operating control with the reinvesting management team. Five Points Capital provided last-out unitranche term debt to support the transaction, which is intended to accelerate Welcome Dairy's growth by leveraging its R&D and manufacturing capabilities in dairy flavorings, cheese sauces, seasonings and functional cheese.

Union Capital Associates Acquires Lakeview Cheese Co. LLC

September 4, 2018

Food & Beverage

Greenwich-based private equity firm Union Capital Associates, L.P. has acquired Lakeview Cheese Co. LLC, a Las Vegas-based manufacturer and distributor of natural, custom blend and private label cheese products. Dinan Capital Advisors served as exclusive financial advisor to Lakeview Cheese and its shareholders in the transaction; terms were not disclosed.

Borgman Capital Acquires Dairyfood USA as Add-on to Gilman Cheese

May 31, 2022

Food & Beverage

Milwaukee private equity firm Borgman Capital completed the add-on acquisition of Dairyfood USA, a specialty extended shelf-life cheese processor headquartered in Blue Mounds, Wisconsin. The acquisition will be integrated with Borgman’s platform company Gilman Cheese Corporation to expand product mix, increase production capacity and realize synergies across retail, foodservice and transportation customers.

Gardner Standard Invests in Wisconsin Pharmacal Company

September 8, 2020

Consumer Products

Gardner Standard LLC has completed an investment in Wisconsin Pharmacal Company, LLC (and its subsidiary Lake Consumer Products, Inc.) to support the company's growth, new product introductions and strategic acquisitions. Terms were not disclosed; management (CEO John Wundrock and President Andrew Wundrock) will continue leading the business.

Gilman Cheese Merges with Dairyfood USA (PE add-on)

May 31, 2022

Food & Beverage

Gilman Cheese Corporation has merged with Dairyfood USA to combine two Wisconsin specialty cheese processors and expand their product mix, including extended shelf-life and naturally smoked cheeses. The deal was announced as an add-on to Gilman’s PE-backed platform (sources reference Midwest Growth Partners and Borgman Capital in connection with Gilman) and aims to broaden capabilities and global distribution for processed cheese products.

Borgman Capital and Tecum Capital Recapitalize Gilman Cheese Corporation

March 8, 2019

Food & Beverage

Borgman Capital completed a majority recapitalization of Gilman Cheese Corporation with subordinated debt and equity provided by Tecum Capital Partners; Johnson Bank provided senior debt and Midwest Growth Partners provided equity. Terms were not disclosed; Tom and Char Hand reinvested a significant amount of equity and Tom Hand remains CEO as the new investor group executes a collective growth strategy for the Gilman, Wisconsin–based processed cheese manufacturer.