Food & Beverage Acquisitions in Florida

ETi Gıda, a family-owned global snack company based in Türkiye, has acquired 100% of TRUBAR for $173 million in cash. The deal positions TRUBAR—a fast-growing plant-based protein bar brand headquartered in Miami Beach—to scale further across North America and expand into new international markets while its founder and leadership remain in place.

Brothers International Food Holdings acquired Food Partners, a Winter Haven, Florida-based citrus ingredient supplier, adding citrus sourcing and logistics capabilities to its global ingredients platform. The deal positions Brothers to deepen its sourcing power and support food and beverage manufacturers across North America and Europe, while Food Partners’ founder Webb Tanner remains in his role as a minority owner.

Martori Farms has acquired the SOL Group, Fyffes' melon growing and distribution business, creating the world's largest year‑round melon producer with farms in Honduras and Guatemala and a distribution operation in Miami. The deal enables Martori to offer continuous melon supply across North America while allowing Fyffes to concentrate on its core banana and pineapple businesses.

Buyers Edge Platform, a digital procurement network for the foodservice industry, has acquired the National Golf Course Restaurant Association (NGCRA). NGCRA will continue to operate under its existing name and structure while gaining access to Buyers Edge Platform’s technology, supply‑chain expertise and rebate programs to better serve golf, country club and private club food & beverage operators.

Heartland Food Products Group has acquired the SLIMFAST US brand from Glanbia PLC. The purchase expands Heartland's portfolio in weight management and sugar-reduction products, combining SLIMFAST with the company's SPLENDA brand to target growing consumer demand for healthier, lower-calorie nutrition options.

St. Petersburg-based SI Private Capital made an equity investment to acquire Sarasota-based Yoder's Southern Creamery and Sutter's Quality Foods. Founder Bill Yoder will retain an ownership stake and Brian Richardson will continue as CEO; SIPC said the capital will support future growth and capitalization for both companies.

Miami-based private equity firm CREO Capital Partners has acquired Bova Fresh, a Boca Raton-based food procurement and distribution company that serves retail and foodservice customers across the U.S. Founders Bob Wilhelm and Steve San Filippo retain a minority stake and will continue to run the business; CREO plans to integrate Bova Fresh with other portfolio assets to expand sourcing, distribution and Latin America-focused procurement capabilities.

Firelight Capital Partners has acquired Miami-based Snif-Snax, a maker and distributor of single-ingredient smoked salmon and chicken pet treats. Firelight plans to invest in a new distribution and manufacturing facility, product innovation and infrastructure improvements while founder Jonathan Brown and family retain ownership stakes and new executives (Kevin Fick as CEO, Jeff Sutherland as COO) join the company.

Axxence Corporation has acquired Purely Natural, a Florida-based supplier of natural flavor ingredients, taking ownership of the company's shares, operations, intellectual property and customer relationships. The deal supports Axxence's U.S. expansion and strengthens its commercial capabilities, with Purely Natural's president and CEO Bob Kleinhenz joining Axxence as commercial executive vice president.

RAW Nutrition has entered a strategic co-ownership and partnership with Germany-based The Quality Group. The agreement makes RAW Nutrition's co-founders co-owners of The Quality Group and aims to combine The Quality Group's production and quality expertise with RAW Nutrition's brand and U.S. market presence to accelerate product development and growth.

Valante Capital, the private equity arm of IDC Network, has acquired a significant stake in American Foods, a U.S.-based distributor of consumer goods to Latin America and the Caribbean. The investment will support American Foods’ regional expansion across the U.S., Latin America and the Caribbean and create commercial synergies with Valante’s portfolio company Vitali Alimentos.

Paine Schwartz Partners’ Food Chain Fund VI has acquired Promix LLC, a Gainesville, Florida–based maker of clean‑ingredient protein mixes, supplements, vitamins and better‑for‑you snack bars. Promix’s founding management team will remain in place, Bob DeBorde will join as Executive Chairman, and Paine Schwartz will support growth initiatives including marketing, product innovation, margin optimization and channel expansion. Financial terms were not disclosed.

Mosaic Flavors, a flavor manufacturer based in Chino, California, has acquired First Coast Flavors, a Jacksonville-area flavor house founded in 2022. The acquisition expands Mosaic's liquid and powdered flavor capabilities and application coverage across beverage, dairy, plant-based, nutraceutical, confection and bakery end markets.

California-based Perricone Farms has acquired Natalie's Orchid Island Juice Company of Fort Pierce, Florida. The deal creates a bi-coastal juice platform that expands production capacity, improves logistics and delivery capabilities, and broadens product offerings for retail and foodservice customers.

Performance Food Group (PFG) has acquired Cheney Bros., Inc., a leading independent broadline foodservice distributor based in Riviera Beach, Florida, for $2.1 billion in cash. The deal adds approximately $3.2 billion of annual revenue, ~3,600 employees and five distribution centers in the U.S. Southeast, and PFG expects about $50 million of annual run-rate synergies primarily from procurement, operations and logistics.

South Mill Champs has acquired substantially all of the assets of Baird Produce at the Tampa Wholesale Produce Market to expand its Florida distribution footprint. The acquisition brings South Mill Champs into the Tampa market, creating synergies with its nearby Winter Haven operation to improve fresh mushroom and specialty produce distribution across the region.

Engelman's Bakery, a portfolio company of Shoreline Equity Partners, has acquired St. Armands Baking Company, a Bradenton, Florida commercial bakery. The acquisition expands Engelman's manufacturing footprint and channel diversification, allowing the combined business to better serve retail and foodservice customers across the Southeast and nationally.

Marley Spoon Group SE has acquired bistroMD, the U.S. doctor-designed ready-to-eat meal subscription service, in a deal that closed February 9, 2024. AUA Private Equity, the prior owner of bistroMD, received shares and warrants in Marley Spoon and subsequently took a minority stake in Marley Spoon as part of the transaction.

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.

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.

A111 Capital Partners, alongside junior equity partner Peninsula Capital Partners, has acquired MacroCap Labs, a Florida-based contract manufacturer and owner of sports nutrition brands. The partnership will support MacroCap's growth and expand its manufacturing and distribution capabilities for performance and lifestyle nutritional products.

Monster Beverage Corporation, through its subsidiary Blast Asset Acquisition LLC, completed the acquisition of substantially all assets of Vital Pharmaceuticals, Inc. (owner of the Bang Energy brand) for approximately $362 million. The deal includes the Bang Energy beverage business and a beverage production facility in Phoenix, Arizona, which Monster said it will ramp up to support its broader portfolio.

Sterling Investment Partners has invested in Florida Veg Investments, LLC (doing business as Mr. Greens), acquiring the portfolio company from Shoreline Equity Partners in a recapitalization that leaves Mr. Greens' leadership with a significant ownership stake. Mr. Greens is a Miami-based value-added distributor of produce, dairy, and specialty food items serving over 3,500 customers across Florida and Texas and will partner with Sterling to continue geographic expansion and platform growth.

Benford Capital Partners' portfolio company Brothers International has acquired Hosh International, adding a B2B fruit and vegetable juice concentrate and puree supplier to its ingredients platform. Emad Hosh will remain as a minority owner and both businesses will continue operating under their respective names while Benford/Brothers pursue further add-on consolidation and invest in growth initiatives.

Austin Circle Partners, a family-run private investment firm, has acquired Orlando-based Bagel King Wholesale, Inc., a kosher-certified wholesale bakery that supplies hotels, theme parks, hospitals and restaurants across Central Florida. The deal, facilitated by Benchmark International, transfers day-to-day operations to Austin Circle as the selling owners (Lucille and Scott) move into the next phase of life.

Southern Glazer's Wine & Spirits announced the acquisition of Miami-based WEBB Banks, the leading premium wine and spirits distributor across the Caribbean, Central America, South America and travel retail/cruise channels. The deal expands Southern Glazer's reach in the Pan-Caribbean and travel retail/exports while preserving WEBB Banks' management team during a transition to integrate logistics and route-to-market capabilities across the Atlantic Basin.

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.

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.

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.

NationsBenefits has agreed to acquire DeliverLean, a large prepared-meals manufacturer focused on health and wellness, to integrate DeliverLean's food-as-medicine capabilities into NationsBenefits' healthy foods benefit offering for Medicare Advantage and Part D plans. The transaction is supported by private equity sponsors General Atlantic, The Pritzker Organization, and Denali Capital LLC, with Monroe Capital arranging senior financing to fund the deal.

Brookside Flavors & Ingredients LLC (BFI) has acquired the assets of Flavor Advantage, LLC, a Naples, Florida-based flavor house. Founder Tom Motz will remain with the business, and BFI said the acquisition will expand its sweet-flavor capabilities and customer relationships to accelerate growth using BFI's resources.

PepsiCo will invest $550 million in Celsius Holdings via convertible preferred stock (approximately an 8.5% as-converted stake) and will nominate a director to Celsius' board. The agreement also establishes PepsiCo as Celsius' preferred global distribution partner and transitions U.S. distribution to PepsiCo starting August 1, 2022.

FreshEdge, the Rotunda Capital Partners-backed fresh food distribution platform, acquired City Produce, a fresh food distributor headquartered in Fort Walton Beach, Florida. The add-on transaction (closed May 10, 2022; terms undisclosed) expands FreshEdge's footprint into the southern U.S., adding two facilities (Fort Walton Beach, FL and Foley, AL) and strengthening service to customers across North Central Florida, the Florida Panhandle and southern Alabama.

Capstone Partners advised family-owned Uncle John's Pride on a recapitalization led by Promise Holdings with participation from specialty finance firms Star Mountain Capital and Maranon Capital. Terms were not disclosed; the financing provides liquidity to existing shareholders while supplying capital to expand geographic reach and pursue private-label growth.

Midwest Growth Partners, alongside Farragut Capital Partners, Spring Capital Partners, Gemini Investors, Lake Country Capital, SharpVue Capital and Promise Holdings, provided subordinated debt and preferred equity to Catalina Finer Foods, a Tampa-based manufacturer of frozen Cuban and Caribbean foods. The financing (which included Spring Capital's $4.4M subordinated debt and $1.9M equity) supports a succession plan with second-generation owner Justo Cepero and funds future organic growth and bolt-on acquisitions; Cadence Bank provided senior financing.

Ben E. Keith Foods acquired Florida Food Service, Inc., closing the transaction on February 2, 2022. The deal includes Florida Food Service's assets and its 86,000 sq. ft. distribution center in Gainesville, Florida; Ben E. Keith will retain all employees and convert the operation into its Florida Division to expand its footprint into northern and central Florida.

Benford Capital-backed Brothers International Food, LLC completed the acquisition of Dennick FruitSource, LLC, a Tampa-based supplier of tropical fruit juices, concentrates, and purees. The add-on expands Brothers' B2B fruit ingredients portfolio, broadens its customer base and supplier network, and will leave both businesses operating under their existing names in Rochester, NY and Tampa, FL.

Ardian's U.S. Buyout team acquired a majority stake in Florida Food Products (FFP) from MidOcean Partners, with MidOcean retaining a significant equity stake. The transaction (enterprise value in excess of $1 billion) positions Ardian to support FFP's product innovation, capability expansion and international growth in clean-label, plant-based food ingredients.

Simply Better Brands Corp. (TSXV: SBBC) completed the acquisition of TRU Brands Inc., the female-founded maker of plant-based TRUBAR protein snack bars, expanding Simply Better’s portfolio into the plant-based food category. The deal was paid via issuance of Simply Better shares (aggregate consideration $7.5M) and included satisfaction of Tru Brands’ outstanding indebtedness.

Bonne Santé Group, Inc. completed the acquisition of Doctors Scientific Organica, LLC — the maker of the Smart for Life meal‑replacement and supplement brand — and concurrently closed $11 million of equity and debt financing. The purchase adds an FDA‑registered 30,000 sq. ft. manufacturing facility and established retail distribution (including Costco and Walmart) to Bonne Santé's buy‑and‑build nutraceutical platform.

AUA Private Equity Partners recapitalized bistroMD in partnership with founders Edward and Dr. Caroline Cederquist. The investment will support bistroMD’s growth as a national, doctor-designed, chef-prepared meal delivery subscription service focused on medically-tailored weight loss and long-term weight management.

Neptune Wellness Solutions acquired a 50.1% controlling interest in Sprout Foods (Sprout Organics) from investment funds managed by Morgan Stanley Expansion Capital, with MSEC becoming a major shareholder in Neptune. The deal includes $6M cash, ~6.74M Neptune shares (~$12M), and Neptune guaranteeing a $10M Sprout note; Neptune will operate Sprout as a subsidiary to accelerate growth across retail and e-commerce channels.

Quirch Foods, backed by affiliates of Palladium Equity Partners, has completed a merger with Colorado Boxed Beef (CBBC), creating a leading U.S. distributor and exporter of protein and ethnic food products. The combined company now operates more than 20 distribution centers, has approximately 1,700 employees and over $3 billion in annual sales; Altamont Capital Partners (CBBC's prior sponsor) will retain an equity stake.

The Chefs' Warehouse, Inc. (NASDAQ: CHEF) acquired selected assets of Harris Seafood LLC, a regional seafood distributor based in Orlando, Florida. The purchase expands The Chefs' Warehouse's seafood capabilities and accelerates its footprint in Orlando and South Florida by leveraging Harris Seafood's local sourcing relationships and category expertise.

Clayton, Dubilier & Rice (CD&R)-managed funds have completed a minority partnership investment in Cheney Brothers, a family-owned regional foodservice distributor. The Cheney family remains majority owners and Byron Russell stays as Chairman and CEO; the investment will support the company’s continued expansion across core markets including Florida and North Carolina. Terms were not disclosed.

The Firmament Group, alongside McLean Family Farms and Sweat Equities, made an investment in Citrus Extracts, LLC to support the Fort Pierce, Florida-based producer of dehydrated citrus peel and citrus fiber. The capital will support expansion of product lines and sales into food & beverage, plant-based alternatives, bakery and cosmetic ingredient markets.

Shoreline Equity Partners partnered with Mr. Greens management to complete a recapitalization of Florida Veg Investments, LLC (doing business as Mr. Greens). The transaction includes co-investment from Nuveen, investors affiliated with The Hillman Company, NXT Capital, and Mr. Greens management, and will support organic growth and pursue add-on acquisitions while management retains a significant ownership stake.

Keystone Capital completed an investment partnership with Hometown Foods USA, a Miami-based manufacturer of bagels and cake products. The partnership will support Hometown Foods' product and channel expansion and Keystone said it will pursue further bakery-sector acquisitions alongside the company; terms were not disclosed.

HeavenlyRx Ltd. closed on the acquisition of a 51% controlling equity stake in TRU Brands, Inc. (TRUWOMEN) to accelerate its plant-based CPG and CBD wellness strategy. The deal included $3.5 million cash and $2.57 million in HeavenlyRx stock, with HeavenlyRx planning additional working capital injections to increase its stake.

MidOcean Partners has acquired Florida Food Products (FFP), a leading manufacturer of natural and clean-label food ingredients, from Kainos Capital. The private equity firm intends to use its industry expertise and operating resources to drive FFP's continued growth, product expansion, and strategic initiatives across existing and new end markets.