Food & Beverage Acquisitions in 2023

Swander Pace Capital, together with CDPQ and Roynat Equity Partners, has acquired a majority stake in St‑Méthode Bakery (BSM), a Québec-based producer of healthy, value‑added fresh bread, headquartered in Adstock, Quebec. The existing management team will be retained, founder Benoit Faucher will remain as an advisor, and the investors plan to support a business transfer and growth initiatives into broader Canadian and U.S. markets.

Chicago-based private investment firm Tilia Holdings completed a majority recapitalization of Ever Fresh Fruit Company, a Pacific Northwest-based processor and developer of formulated fruit and flavor ingredient solutions. The McKnight family remains significant shareholders and Ever Fresh CEO Gene Mayer will continue to lead the business as Tilia supports growth, geographic expansion, and broadened ingredient applications.

Apheon, a pan‑European private equity firm, has acquired a majority stake in Salpa, an Italian producer of cookie-based ingredients and inclusions for the industrial ice cream, dairy and confectionery sectors. The Cherubini family and Italian PE firm Equinox sold their stakes while the Cherubini family and management reinvested as minority shareholders; Apheon will support Salpa's planned international expansion and growth.

Belgium-based United Petfood has acquired De Haan Petfood, a Nieuwkoop, Netherlands producer specializing in canned wet pet food with meat chunks in gravy. The acquisition expands United Petfood's wet-food manufacturing capabilities and global distribution footprint to meet growing demand for wet pet food formats.

Advantage Capital provided a $1.75 million growth capital investment in Utah-based Farmstead Manufacturing to fund a land purchase and expand a commercial bakery from 1,000 to 5,000 square feet. The financing will support increased production capacity and distribution via wholesale, e-commerce, and catering, and the expansion is expected to create 25–30 new jobs in Leeds, Utah.

Imperial Dade has acquired Wedge Supply, LLC, a two-location distributor of janitorial supplies and foodservice packaging serving the Dallas/Fort Worth area. The founder, Kevin Wedge, will remain with the business as Imperial Dade continues to expand its presence in Texas; financial terms were not disclosed.

Chobani, LLC has acquired La Colombe for $900 million, financed with a $550 million term loan, cash on hand, and the exchange of Keurig Dr Pepper's minority stake into Chobani equity. The acquisition brings La Colombe's RTD coffee, roasting capabilities and café footprint into Chobani's portfolio to accelerate entry into the ready-to-drink coffee category and drive complementary growth and synergies.

French bakery group Onoré (formerly Boncolac), backed by private equity firm Waterland, has agreed to acquire Bristol-based artisan cake manufacturer Cakesmiths from LDC. The deal sees LDC exit after a two-year partnership in which Cakesmiths nearly trebled revenue and grew headcount to more than 200 employees; the acquisition will support Onoré's plans to expand its European footprint.

Thrive Freeze Dry (a portfolio company of Entrepreneurial Equity Partners and Mubadala Capital) has acquired Canature, a Langley, British Columbia-based freeze-dried pet food and treats producer. The add-on acquisition expands Thrive's freeze-drying capabilities and pet-focused offering by adding Canature's technical team, wet-processing expertise and a state-of-the-art facility near Vancouver; financial terms were not disclosed.

Kerry Group PLC has agreed to acquire part of the global lactase enzyme business carved out from Chr. Hansen Holding A/S and Novozymes A/S for a total consideration of €150 million (subject to closing adjustments). The deal includes certain trade and assets of Chr. Hansen's global lactase business and 100% of Nuocheng Trillion Food (Tianjin) Co., Ltd.; the lactase business generated about €40 million in revenue in 2022 and the transaction is expected to close in the first half of 2024 subject to European Commission approval.

Heartwood Partners (Heartwood Partners IV, LP) completed an investment in Bush Brothers Provision Co., a fifth-generation, family-owned meat packing and distribution business headquartered in West Palm Beach, Florida. The transaction (completed July 7, 2023) will support capacity expansion and growth as the Bush family retains a meaningful equity stake while partnering with Heartwood to scale production and broaden customer reach.

FreshEdge, a Wind Point Partners–backed super-regional fresh food distributor, acquired Kimball & Thompson Produce Company (KT Produce), a fresh produce distributor headquartered in Lowell, Arkansas. The add-on expands FreshEdge's footprint in the Southern U.S., strengthens its supply chain and adds approximately 40,000 square feet of warehouse capacity across Lowell and Arkansas/Oklahoma locations.

TowerBrook Capital Partners has made a majority equity investment in Demakes Enterprises, a Lynn, Massachusetts-based manufacturer of specialty protein and deli products. The Demakes family will retain a significant minority stake and the transaction was financed by funds managed by the Credit Group of Ares Management alongside other credit partners; TowerBrook intends to scale the business organically and via targeted acquisitions to expand distribution and product reach.

Bain Capital Private Equity has signed a definitive agreement to acquire a significant stake in 1440 Foods, a New York–based portfolio of sports and active nutrition brands, alongside existing investor 4x4 Capital. The transaction (expected to close in December) will leave CEO Azania Andrews and the current management team in place; debt financing is being provided by Fortress Investment Group.

Clayton, Dubilier & Rice (CD&R) has completed its acquisition of Shearer's Foods, a leading North American contract manufacturer and private‑label snack supplier, from Ontario Teachers' Pension Plan Board. Shearer's, headquartered in Massillon, Ohio with 17 manufacturing facilities across the U.S. and Canada, will partner with CD&R to scale operations and accelerate growth; terms were not disclosed.

MDWerks, Inc. (OTC: MDWK) has acquired Two Trees Beverage Company, a Fletcher, North Carolina-based spirits producer that uses a proprietary accelerated aging technology. The transaction brings Two Trees' portfolio of more than 30 spirit brands, associated patents and distribution across 29 states into MDWerks as part of the buyer’s strategy to expand its sustainable beverage technology and product offerings.

Wind Point Partners’ portfolio company Palmex has merged with Highlander Partners’ portfolio company Benestar Brands to form a combined North American salty-snack platform, with Wind Point as the majority shareholder and Highlander retaining a significant minority stake. Pretzilla, Benestar’s pretzel bread business, was spun out as a standalone entity owned by Highlander and Pretzilla management; the combined business will be led by Jose Luis Prado and will operate eight facilities with more than 1,400 employees.

KENT Corporation, through its subsidiary KENT Precision Foods Group, has acquired Frosty Boy Global, a Gold Coast (Yatala), Australia-based manufacturer of dessert, beverage and savory powder products. The deal expands KENT’s global footprint and manufacturing capabilities (including operations in Australia and India) and extends its sales presence across multiple international markets. Financial terms were not disclosed.

Rise Baking Company, a Minneapolis-based portfolio company of Olympus Partners, has acquired two pie facilities (in Kent, Washington and Brampton, Ontario) from Wonder Brands Holdings Inc. and FGF Brands (USA) Inc. The acquisition expands Rise’s product offering into the pie category, increasing its North American footprint to 18 facilities and strengthening its service to retail and foodservice customers.

Sysco Corporation has agreed to acquire Edward Don & Company (DON), a leading distributor of foodservice equipment and supplies, from Vestar Capital Partners. DON will operate as a standalone specialty division within Sysco with CEO Steve Don and the management team remaining in place; terms were not disclosed.

Antelope, a PE-backed pet consumer platform, has acquired My Perfect Pet, a maker of gently cooked, human-grade dog and cat food founded in 2007. The deal is an add-on to Antelope's buy-and-build strategy to expand its portfolio of natural pet wellness and consumable brands.

Jonathan Sprouts, a multi-generational grower of organic green sprouts, acquired Pennsylvania-based The Sproutman effective December 1, 2023. The acquisition preserves supply continuity as founder Murray Tizer retires and expands Jonathan Sprouts' availability across the Mid-Atlantic and Midwest into the broader Northeast U.S.

Hertfordshire-based Italian Beverage Company Limited (trading as IBC Simply) has acquired March Foods, a co-manufacturer and co-packer based in March, Cambridgeshire. The combined businesses will operate under a new parent, Delightful Food Group, with financing provided by Allica Bank and advisory support from Forward Corporate Finance.

EagleTree Capital has acquired Summit Hill Foods, the Rome, Georgia–based owner of Better Than Bouillon and The Original Louisiana Hot Sauce, with several fund investors co-investing including Misland Capital Limited. The Summit Hill Foods management team and operations will remain in place; the seller is G&L Holdings (the family-owned parent), and terms were not disclosed.

Bioriginal, a subsidiary of Cooke Inc., has acquired Softgel Co., a Grand Junction, Colorado-based softgel and encapsulation manufacturer. The purchase expands Bioriginal’s vertical manufacturing capabilities and secures in‑house softgel production for human and pet nutrition products; terms were not disclosed.

Fenwick Food Group, a division of Fenwick Brands Inc., has acquired Wickles Pickles and will operate the brand from Birmingham, Alabama alongside Moore’s Marinades & Sauces. The deal (closed Nov. 29) brings the iconic Southern pickle brand onto Fenwick’s food platform to provide additional resources and scale; financial terms were not disclosed.

Benford Capital Partners’ portfolio company Gum Products International has completed an add-on acquisition of International Protein Colloids, a Venus, Texas-based manufacturer of proprietary gelatin and protein blends for pet treat and pet food customers. The deal will expand GPI’s product portfolio and presence in the pet end market; IPC will continue operating from its current location under President David Walsh.

South Mill Champs, a vertically integrated North American grower and supplier of fresh mushrooms and functional mushroom foods, has acquired World Fresh Produce, a global fresh produce sourcing organization. The acquisition expands South Mill Champs’ produce sourcing capabilities and leverages its cold-chain distribution network to extend World Fresh Produce’s reach across North America.

The Duckhorn Portfolio, Inc. has entered into a definitive agreement to acquire Sonoma-Cutrer Vineyards from Brown-Forman Corporation for approximately $400 million in a mix of stock and cash. The acquisition expands Duckhorn's presence in luxury Chardonnay, with Brown-Forman receiving a ~21.5% post-closing stake in The Duckhorn Portfolio and two board nominations.

Kingswood Capital Management and First Bev completed an eight-figure growth equity investment in G FUEL, the gamer-focused energy drink brand, and named Bryan Crowley as CEO. The capital will support scaling the brand, expanding distribution and international reach while the company's founder and COO remain in the leadership team.

Wonder Group, founded by Marc Lore, has completed its acquisition of Blue Apron for $13.00 per share (approximately $103 million equity value), taking the meal-kit pioneer private following a tender offer and subsequent merger. Blue Apron will operate as a wholly owned subsidiary of Wonder and will be integrated into Wonder’s mealtime “super app,” expanding Wonder’s offering to include Blue Apron meal kits and Heat & Eat options while continuing Blue Apron’s nationwide operations.

Eddie M's has acquired and merged with Minnetonka-based American Fish and Seafood Inc., consolidating processing and distribution operations at Eddie M's 65,000 sq ft Plymouth, Minnesota facility. The deal preserves American Fish's legacy while expanding Eddie M's product assortment and capacity to serve retail and foodservice customers across the Midwest; terms were not disclosed.

Tourtellot & Co., a portfolio company of Encore Consumer Capital, has acquired Ryeco Inc. from the Reilly family to create a super-regional produce distribution platform serving the Northeast through the mid-Atlantic. The Reilly family remains an owner in the combined business and Michael Reilly Jr. will continue partnering with Tourtellot's leadership to integrate operations and drive growth.

Quench USA, Inc., a Culligan company based in King of Prussia, Pennsylvania, has acquired Neighbors Coffee, a South Florida office coffee supplier owned by David Santana for over 35 years. The acquisition expands Quench's breakroom and coffee service capabilities in South Florida and adds local customers to its national water, ice and coffee service platform.

Catalina Finer Foods, an MGP portfolio company, completed the acquisition of Saugatuck Kitchens on November 9, 2023. The deal expands Catalina's frozen hors d'oeuvres and prepared-food portfolio and broadens its customer reach across foodservice and retail grocery channels.

Getir, the ultrafast grocery delivery operator, has acquired US online grocer FreshDirect from Ahold Delhaize. The deal — expected to close by end of November — will keep the FreshDirect brand and New York operations intact while enabling Getir to expand its U.S. footprint and leverage FreshDirect's fresh-product assortment and distribution capabilities.

Omaha Steaks announced that Omaha-based private equity firm McCarthy Capital has made an investment in the business and that Nate Rempe has been promoted to President and Chief Executive Officer. The Simon family remains involved as owners and chairman, and McCarthy Capital said the partnership will support accelerated growth and capacity investments while preserving management control.

Sunny Sky Products, a portfolio company of TJC, has completed the acquisition of LX/JT Holdings Inc and subsidiaries (doing business as Bevolution Group) from Highlander Partners. The transaction adds Bevolution’s clean-label smoothie bases, cocktail mixes and concentrates and its three U.S. manufacturing sites to Sunny Sky’s beverage platform, expanding product offerings and manufacturing capabilities for the foodservice and convenience-store channels.

Atlanta-based Chicken Salad Chick has acquired Piece of Cake, an iconic local bakery, to expand and standardize its dessert offering across the chain's ~245 restaurants in 18 states. Piece of Cake's ten metro-Atlanta locations (including the airport) will continue operating as usual, founder Melissa Jernigan will remain involved, and roughly 120 Atlanta-area employees will retain their positions.

FreshEdge, a Wind Point Partners–backed super-regional fresh food distributor, acquired Greenberg Fruit Company, a specialty produce distributor headquartered in Omaha, Nebraska. The deal expands FreshEdge's Midwest footprint westward, strengthening its supply chain and fresh-cut processing capabilities to better serve foodservice and retail customers in Nebraska and western Iowa.

Pacifico Aquaculture received project financing from Equilibrium Capital and a significant equity investment from a consortium led by Butterfly Equity alongside a leading U.S. public pension fund. The financing will fully fund a state-of-the-art nursery in Baja California and provide runway to scale Pacifico's ocean-raised striped bass production toward an additional 20,000 metric tons of annual capacity.

MGD Acquisition, LLC (an investor group) has acquired Griffo Distillery, a craft distillery based in Petaluma, California. The founders, Michael and Jenny Griffo, remain significant owners while MGD aims to scale Griffo's production and expand its national distribution.

Grupo Bimbo SAB de CV has acquired Mile Hi Bakery, a Denver-based supplier of buns and English muffins to quick-service restaurants (QSRs). The purchase, previously part of Mile Hi Companies owned by the Taddonio family, strengthens Bimbo's geographic presence in the U.S. QSR market and expands its customer access across the Rocky Mountain region and beyond.

Keystone Capital Management, L.P. has entered an investment partnership with Baily International, a Granite City, Illinois-based producer of Asian appetizer products. Keystone will partner with CEO Steve Cameron (who remains in place) to support growth and pursue add-on acquisition opportunities; terms were not disclosed and senior debt was provided by CIBC Bank USA and Siemens Financial Services.

Pearl Street Equity LLC, a New York-based single-family office, has acquired Famous Brands Franchising (the parent company of Mrs. Fields and TCBY). The Salt Lake City–headquartered franchising business operates more than 350 franchised locations worldwide and will pursue expanded franchisee support and global growth under new ownership.

SVB Foods, a Martinsburg, West Virginia contract packaging and food manufacturer, has acquired Vita Specialty Foods, including its subsidiaries Virginia Honey Company and The Halifax Group (Oak Hill Farms). The deal expands SVB Foods' product portfolio and enhances its private-label and licensing capabilities for dressings, sauces, marinades and related condiment products.

Chicago-based private equity firm Frontenac has made a growth investment in Prime Food Processing and Chan & Chan, Inc. (together, CCI Prime), a 30+ year-old manufacturer and importer of Asian-style frozen foods. Founder Albert Chan will retain a significant ownership stake and remain CEO as Frontenac supports expansion of CCI Prime’s Asian cuisine offerings into mainstream retail while continuing to serve the ethnic grocery channel.

Ferrara Candy Company, through its lead holding company CTH Invest, has agreed to acquire Jelly Belly Candy Company. The deal (terms undisclosed) will bring nearly 800 Jelly Belly employees and facilities in California, Illinois, and Thailand into Ferrara's portfolio; the transaction is expected to close by the end of 2023.

Chicago-based private equity firm Benford Capital Partners completed a recapitalization of Dallas-based RP Foods, partnering with Founder and CEO Guillermo Trevino and VP of Sales Longinos Zuniga, who will remain with the company. The investment will fund sales & marketing, operational capability upgrades, product portfolio expansion and support pursuit of add-on acquisitions.

Nature's Touch has acquired certain assets of Sunrise Growers, the frozen fruit operations of SunOpta Inc., in a transaction valued at an aggregate purchase price of approximately $141 million. The deal transfers facilities in Edwardsville, Kansas and Jacona, Mexico to Nature's Touch, expanding its production capacity, product diversity and North American geographic reach.