Food & Beverage Acquisitions in 2022

Concentric Investment Partners has closed an investment in Peak Nutritional Products, a Tampa-based contract manufacturer of nutraceutical products serving sports nutrition, fitness, and health & wellness brands. The investment provides growth capital to support Peak’s custom formulation, manufacturing, packaging, and distribution capabilities for tablets, capsules, liquids, and powders.

Butterfly, a Los Angeles-based private equity firm focused on the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a vertically integrated manufacturer of dairy-based human and animal nutrition ingredients, from affiliates of American Securities. The transaction, terms undisclosed, is expected to close in Q1 2023 and the Milk Specialties leadership team, led by CEO David Lenzmeier, will remain in place.

Akoya Capital led an investment in Devansoy, Inc., a Rock City, Illinois-based manufacturer of soy, oat, and pea protein ingredients, to establish its Specialty Ingredients platform. The transaction was financed with partners Trinity Investors, Slawek Family Holdings, Lightspring Capital, and Wintrust Bank; Devansoy CEO Deb Wycoff made a significant reinvestment and Dinan Capital served as Devansoy's exclusive financial advisor.

LaSalle Capital, in partnership with Lightspring Capital I, LP, has completed the acquisition of Great Lakes Potato Chips, a Traverse City, Michigan-based kettle-cooked potato chip manufacturer founded by Ed and Chris Girrbach. The founders remain involved (Chris Girrbach will stay on as CEO) and the buyers intend to accelerate growth into new states and accounts across retail, foodservice distributors and direct-to-consumer channels.

PAI Partners has agreed to acquire Savory Solutions Group from International Flavors & Fragrances (IFF). Savory Solutions Group is a global provider of savoury ingredients and blends (notably the Wiberg and Piasa brands), operating 17 manufacturing facilities and nine innovation sites with over 1,800 employees and ~€470 million turnover; PAI plans to accelerate international expansion in Europe and North America and pursue growth in plant‑based and clean‑label segments.

Sagard Private Equity Canada has made a significant growth investment in Courchesne Larose Group, joined by Fondaction and Roynat Equity Partners, to support the company's expansion beyond Quebec and the Maritimes. The Routhier Monette family and management remain shareholders, and the transaction is supported by several lenders including National Bank of Canada, CIBC, Scotiabank and Royal Bank of Canada.

Mars, Incorporated has signed an agreement to acquire Trü Frü, a better-for-you whole-fruit snacking brand, from its founders and management team. Trü Frü, headquartered in West Valley City, Utah with approximately 50 employees, will operate as a separate business within Mars to preserve its brand and will be led by current CEO Brian Neville; the transaction is expected to close in Q1 2023.

Peterson Farms has acquired Fresh Innovations California from Arable Capital Partners and Alpine Pacific Capital. The transaction, which completes Arable’s investment in Fresh Innovations, will boost Peterson Farms’ fresh-cut processing and distribution capabilities for customers (notably K-12 schools) across the U.S.

Keurig Dr Pepper entered a strategic partnership with Nutrabolt, acquiring a minority equity stake (reported ~30%, ~$863M) and agreeing a long-term sales and distribution arrangement. The transaction coincides with MidOcean Partners' exit of its investment in Nutrabolt, the owner of brands including C4 Energy, Cellucor and XTEND.

AMCON Distributing Company (NYSE American: DIT) has acquired Henry's Foods, Inc., a foodservice and convenience-store distributor based in Alexandria, Minnesota. Henry's will operate as a wholly owned subsidiary led by President Kellie Janssen, with the acquisition intended to add foodservice capabilities and broader geographic reach to AMCON's convenience distribution platform.

Second Nature Brands, a snacks platform controlled by CapVest Partners LLP, has completed the acquisition of Brownie Brittle from Encore Consumer Capital. The deal is an add-on to the Second Nature Brands platform to expand its portfolio into baking and accelerate Brownie Brittle's retail and e-commerce growth; terms were not disclosed.

The Ferrero Group agreed to acquire Wells Enterprises, the family-owned maker of Blue Bunny, Bomb Pop, Halo Top and other ice cream brands, as part of Ferrero's strategic expansion into the ice cream category and North American market. Wells Enterprises will remain a stand-alone business with its Le Mars leadership and manufacturing footprint intact; terms were not disclosed and the transaction was expected to close in early 2023.

Mill Point Capital has made a majority investment in Seviroli Foods and Vertullo Imports, with Sandy Hill Investors taking a minority stake alongside the continued ownership and operational roles of Joe Seviroli and Paul Vertullo. The partnership will support growth initiatives, product innovation and expansion of distribution across foodservice, retail and e-commerce channels while maintaining the companies' family-led leadership.

The Riverside Company has acquired Canuti Tradizione Italiana S.r.l., a family-owned producer of frozen filled and non-filled pasta based in Rimini, Italy. The deal is an add-on to Riverside’s existing platform Il Pastaio di Brescia and is intended to expand the platform into the frozen pasta segment and food-service channel while supporting international growth and operational synergies.

SARIA SE & Co. KG has agreed to acquire Scotland-based collagen casing maker Devro for £540 million. The purchase will combine SARIA’s existing casing activities with Devro’s global manufacturing footprint to broaden product offerings, increase scale and accelerate long-term sustainable growth.

Ironbridge Equity Partners has acquired a controlling interest in King's Pastry, a Mississauga-based manufacturer of cakes, pastries and other desserts, in partnership with the company's existing owners and management. Ironbridge will work with management to support growth initiatives and expand product and customer opportunities across Canada and the United States.

American Beverage Corporation, a subsidiary of Harvest Hill Beverage Company, has acquired Poppilu, a Chicago-based mom-founded kids' lemonade brand. The acquisition expands Harvest Hill/American Beverage's portfolio in the better-for-you kids' beverage category and will broaden Poppilu's national retail reach.

E. & J. Gallo Winery purchased Denner Vineyards, including the Denner brand, estate vineyards, winery and tasting room in the Willow Creek District of Paso Robles. The acquisition expands Gallo's luxury wine portfolio with Denner's critically acclaimed Rhône- and Bordeaux-style wines and estate assets.

O'Neill Vintners & Distillers has acquired FitVine Wines from its majority owners at BERKS Group to expand its portfolio into the growing wellness-focused, super-premium wine segment. The deal brings the FitVine brand — known for low-sugar, low-sulfite varietals and strong DTC and retail presence — into O'Neill's vertically integrated wine platform to accelerate national expansion.

Next Century Spirits (NCS), a Raleigh-area spirits company, has acquired XED Beverages, the New York–based maker of better-for-you ready-to-drink (RTD) brands including SESH and HAPĒ Sake Spritz. The deal adds high-growth RTD brands to NCS's portfolio and aims to accelerate distribution and scale through NCS’s route-to-market, co-packing and white-label capabilities.

Brown-Forman Corporation has completed its purchase of the Gin Mare brands from Vantguard and MG Destilerías; the purchase price was not disclosed. Gin Mare, a Spanish Mediterranean-inspired ultra‑premium gin, will continue to be produced at MG Destilerías' distillery in Vilanova i la Geltrú and will join Brown‑Forman's premium spirits portfolio.

Aurora Capital Partners has acquired Universal Pure Holdings, LLC, the largest independent provider of high-pressure processing (HPP) and cold-chain food safety services in North America, from Tilia Holdings. Universal Pure, headquartered in Lincoln, Nebraska, operates ~20 HPP machines across eight U.S. facilities (1.1 million sq. ft.) and ~800 employees; terms were not disclosed.

Dessert Holdings, North America's premium dessert company, has acquired Dianne's Fine Desserts from Geneva Glen Capital. The acquisition, terms undisclosed, expands Dessert Holdings' product assortment in the foodservice channel; Dianne's CEO Mike Knowles and President Dan Scales will be retiring as part of the transaction.

Gordon's Fine Wine, a fourth-generation wine and spirits retailer based in Waltham, Massachusetts, has acquired Bakers' Best Catering of Needham, Massachusetts. The acquisition expands Gordon's retail and service offering by adding Bakers' Best's catering and food-service capabilities to create an integrated wine-and-food experience for corporate, institutional and private clients in the greater Boston area.

Mars Petcare (part of Mars, Incorporated) has signed a definitive agreement to acquire Champion Petfoods, the Edmonton-based maker of premium pet food brands ORIJEN and ACANA, from an investor group led by Bedford Capital and the Healthcare of Ontario Pension Plan. The undisclosed-value transaction — which brings Champion's more than 800 employees into the Mars Petcare family — is expected to close in the first half of 2023 and will expand Mars' premium pet nutrition portfolio and global distribution footprint.

An investor group led by Littlejohn & Co. acquired Lipari Foods, a leading specialty food distributor and value-added manufacturer headquartered in Warren, Michigan. The Lipari family, management, H.I.G. Capital and Sterling Investment Partners remain minority investors; Littlejohn said it will support Lipari's next phase of growth and accelerate its acquisition program.

Suja Life, a Paine Schwartz Partners portfolio company, has acquired Vive Organic, a Venice, California-based wellness juice shots brand. The acquisition expands Suja's functional beverage portfolio and aims to accelerate distribution, marketing, and product innovation for both brands; financial terms were not disclosed.

Worldwide Produce, a portfolio company of Sole Source Capital, has acquired Left Coast Food Company, a San Marcos, California-based foodservice distributor of frozen goods, dry goods and produce. The acquisition expands Worldwide Produce's presence in Southern California and marks the fifth add-on since Worldwide became a Sole Source Capital portfolio company; terms were not disclosed.

Arable Capital Partners, together with industry veteran David Sullivan, has become a new partner in Blazer Wilkinson Gee (BWG), a Salinas-based grower, packer and shipper of premium strawberries sold under the Foxy brand. The strategic investment expands Arable's footprint in vertically integrated premium fruit operations and aims to drive growth, capability expansion and cross‑company synergies across BWG's multi-state production and distribution footprint.

Toronto-based private equity firm Ironbridge Equity Partners has acquired a controlling interest in North American Produce Buyers Limited (NAPB), a Toronto-based importer and distributor of premium fresh fruit. The investment, completed with NAPB management, is intended to support the company's next phase of growth and continued service to Canadian retailers and grocers.

BrightPet Nutrition Group, a portfolio company of A&M Capital Partners, has acquired Bravo! Pet Foods, a pioneer in frozen raw and freeze-dried pet diets. The add-on acquisition expands BrightPet's branded portfolio and manufacturing capabilities in the premium frozen and freeze-dried pet food category.

Harbor Foodservice, a family-owned independent distributor based in Kent, Washington, has acquired NW Foodservice Distribution, a Longview, Washington-based broadline foodservice distributor that serves Southwest Washington and Northwest Oregon. The acquisition expands Harbor's presence in the Pacific Northwest and strengthens its local distribution capabilities for restaurants, convenience stores, schools and other foodservice customers.

Equals Brewing Company has purchased Collingwood, Ontario-based Side Launch Brewing. Equals said the Collingwood location will remain open, the taproom will be expanded, and the Side Launch brand and team will be integrated into Equals' contract-brewing and house-brand platform.

Los Angeles-based private investment firm Pacific Avenue Capital Partners acquired Sunrich Products, the sunflower and roasted snacks division carved out from SunOpta. The deal transfers three Upper Midwest processing facilities, hybrid seed development activities, grower relationships and Sunrich's management team to Pacific Avenue to support focused growth in healthy human and pet snack and ingredient markets.

Sunny Sky Products, a portfolio company of The Jordan Company, has completed the acquisition of GoodWest Industries from Palladium Equity Partners. The deal brings GoodWest's aseptic beverage and shelf-stable creamer capabilities into Sunny Sky's platform to expand product offerings across convenience store, coffee shop and foodservice channels; Palladium will retain the Jordan's Skinny Mixes division.

Primo Water Corporation, through its wholly owned subsidiary Primo Water North America, acquired substantially all the assets of Crystal Spring Water Company, a bottled water manufacturer and distributor based in Middletown, Rhode Island. The acquisition adds roughly 2,500 customers and strengthens Primo's Northeast footprint.

Ruiz Food Products, Inc., through its subsidiary RG1 Holding Co., LLC, has acquired the assets of Culinary International, LLC, including a 75,000 sq ft Vernon, California manufacturing facility and a 43,200 sq ft dry goods and cold storage facility. The asset purchase expands Ruiz Foods' flexible manufacturing capacity on the U.S. West Coast; financial terms were not disclosed and Culinary International's CEO Robert Sabahat will help lead the transition.

Murry's Inc., a portfolio company of Encore Consumer Capital, has acquired Bake Crafters Food Company, a McDonald, Tennessee-based manufacturer and distributor of baked goods that sells primarily into K-12 foodservice and other institutional channels. The transaction closed on April 1, 2022; Encore said the deal is a strategic add-on to expand Murry's capabilities and presence in the K‑12 and institutional foodservice market, and Murry's also hired Jeff Ahlers as CEO to support integration and growth.

Pod Pack International, a portfolio company of LongueVue Capital, has completed a combination with Joe's Garage Coffee. The deal expands the combined platform's product and service capabilities, manufacturing capacity, and geographic footprint to better serve retail, e-commerce, foodservice and other channels.

Sensient Technologies Corporation has acquired Endemix Doğal Maddeler A.Ş., a Turkey-based manufacturer of natural colors and botanical extracts for the food and beverage industry. The deal expands Sensient's vertical integration by adding extraction and refining capacity and places operations closer to key botanical growing areas to strengthen its natural color portfolio.

Investcorp has acquired a majority stake in Sunrise Produce, a Southern California-based wholesale produce distributor headquartered in Fullerton, California. The investment will support Sunrise’s growth plans, enabling geographic expansion and potential add-on acquisitions while founder Paul Carone retires and CEO David Sapia remains a significant shareholder.

Solina, a France-based producer of savoury ingredient solutions, has signed an agreement to acquire Saratoga Food Specialties to accelerate its North American expansion. The deal (subject to regulatory approval) will add Saratoga's liquid-sauce capabilities, three U.S. manufacturing sites and approximately 500 employees to Solina's North American footprint.

Chicago-based private equity firm Wind Point Partners has acquired FreshEdge, a leading independent fresh food distributor, from Rotunda Capital Partners. FreshEdge’s existing management team will remain in place and Wind Point will provide capital to expand fresh-cut processing capabilities, warehouse space, infrastructure and pursue strategic acquisitions to grow density across the Midwest and Southeast.

New Orleans-based Urban South Brewery has acquired Pensacola-based Perfect Plain Brewing Co., bringing the four Perfect Plain hospitality concepts into Urban South’s operations. Urban South will apply its manufacturing and distribution capabilities to expand Perfect Plain’s distribution across the Florida Panhandle while preserving the existing brands and staff.

Decathlon Capital Partners has provided revenue-based growth capital to It's Skinny, an Austin-based maker of low-calorie, konjac-based pasta. The non-dilutive financing will support new product introductions and expanded distribution across digital and retail channels; terms were not disclosed.

Gladstone Capital completed a debt investment to support Enlightened Hospitality Investments and KarpReilly's investment in Salt & Straw, providing capital to fuel the ice cream chain's expansion. The funding will help Salt & Straw add locations across the U.S. and grow its delivery and e-commerce business.

House Foods Holding USA, the North American subsidiary of House Foods Group Inc., has acquired Keystone Natural Holdings (KNH) from private equity firm Keystone Capital. The acquisition expands House Foods' portfolio of value-added tofu and plant-based products and supports accelerated U.S. market expansion, adding KNH's Folcroft, Pennsylvania manufacturing capabilities to House Foods' North American footprint.

iSpice Foods, a privately held spice importer and processor based in Jackson, Alabama, has acquired Spice Chain Corporation, a New Jersey-based importer, processor and supplier of spices and seasonings. The seller was Frontenac, which had previously owned Spice Chain; financial terms were not disclosed and Boxwood Partners acted as sell-side advisor.

Trinity Investors, a private equity firm based in Southlake, Texas, invested $27.0 million in Devansoy to recapitalize and fund the company's growth. Devansoy, based in Rock City, Illinois, is a third-party manufacturer of oat, soy, and pea protein bases for dairy-alternative products and will use the capital to expand capacity and capture rising demand for plant-based ingredients.

Cadman Capital Group has purchased Alder Ridge Vineyard, an award-winning English sparkling wine producer based in Hungerford, Berkshire, strengthening Cadman’s beverage portfolio and increasing its land under vine to over 130 acres. The deal also secures distribution of Cadman’s beverage brands across the Cobbs Farm Shops estate, the former owner of Alder Ridge.