Food & Beverage Acquisitions in Illinois

Investindustrial has completed a $2.9 billion all-cash take-private acquisition of TreeHouse Foods, with Industrial F&B Investments III, Inc. merged into TreeHouse Foods. TreeHouse shareholders received $22.50 per share plus a contingent value right tied to ongoing litigation proceeds; the deal takes TreeHouse Foods private to support operational improvements and international expansion under Investindustrial.

Rich Products Corporation (Rich's) has acquired Great Kitchens Food Company from Brynwood Partners VIII L.P.; the transaction closed in January 2026 for undisclosed terms. Great Kitchens, headquartered in Romeoville, Illinois, is a leading U.S. manufacturer of private-label take-and-bake and topped pizzas (including the Uno Foods/Pizzeria Uno lines) with three production facilities and roughly 1,000 employees; the deal gives Rich's expanded topped-pizza capabilities, greater capacity and a vertically integrated pizza platform.

USK Capital, the family office of Uday Kotak, has acquired Go Raw, a Chicago-area seed-based snacking brand, from Juggernaut Capital Partners. Financial terms were not disclosed; Juggernaut said it more than doubled Go Raw's revenue and expanded its distribution during ownership.

Premium Brands Holdings Corporation completed the acquisition of Stampede Culinary Partners, Inc. for approximately US$688.0 million, funded with cash, issued shares and debt. The purchase from Wynnchurch Capital expands Premium Brands’ U.S. branded and customized cooked-protein capabilities and adds significant production capacity across multiple U.S. and Canadian facilities.

Fortifi Food Processing Solutions has completed its acquisition of Provisur Technologies, a provider of further-processing equipment and aftermarket support for the protein industry. The deal expands Fortifi’s downstream processing and aftermarket capabilities, bringing Provisur’s brands and service network into the PE-backed Fortifi platform (which is backed by KKR).

TowerBrook Capital Partners, together with Prelude Growth Partners, has made a strategic investment in Amylu Foods, a Chicago-based manufacturer of all‑natural, value‑added chicken products. The capital will support Amylu's plans to scale manufacturing operations and expand distribution across U.S. retail and private‑label channels.

Chicago-based private investment firm Tilia Holdings has acquired Caputo Cheese, a Melrose Park, Illinois value-added processor of high-quality Italian cheeses, from Promus Equity Partners (transaction closed June 30, 2025). Monroe Capital provided the senior credit facility and an equity co-investment to support the acquisition; Natale Caputo will continue to lead the company as Tilia looks to scale Caputo's manufacturing and national distribution capabilities.

Mizkan America, Inc. has acquired Chicago-based Zing Zang, the leading U.S. Bloody Mary and cocktail-mix brand, from NexPhase Capital for an undisclosed sum. The acquisition expands Mizkan’s presence in the cocktail-mixers category and leverages Mizkan’s tomato-based food expertise to drive product innovation and distribution growth; Zing Zang will continue to operate as a separate business unit.

Monogram Capital Partners has reacquired Western Smokehouse Partners from AUA Private Equity, taking majority ownership of the leading contract manufacturer of better-for-you meat sticks. Monogram — which first invested in Western in 2018 and retained a minority stake after the 2023 sale to AUA — plans to expand Western's capacity to seven facilities by the end of 2025; terms were not disclosed.

The Reddy Family has launched Trillium Foods, a North American liquid food and beverage manufacturing platform, and secured an investment from Bain Capital’s Private Credit Group to support growth. The company consolidates Flavor Reddy Foods with recent acquisitions Dominion Liquid Technologies, Lancaster Fine Foods, and Southern Classic Food Group, operating a combined manufacturing footprint of more than 500,000 sq ft and roughly 500 employees.

Global Market Foods, an affiliate of Peak Rock Capital, has acquired Asli Fine Foods, an importer and distributor of South Asian and African products. The deal expands GMF's specialty food portfolio, adds hundreds of customers and will initially keep Asli operating from its 40,000 sq ft Woodridge, Illinois facility before consolidating into GMF's Bolingbrook site.

Flowers Foods has completed the acquisition of Simple Mills from Vestar Capital Partners for an enterprise value of $795 million. Flowers Foods said the deal expands its presence in the better-for-you snacking and baking categories and plans to broaden distribution, accelerate innovation, and amplify Simple Mills' brand awareness.

Solina, the France-based global food ingredients partner, has acquired Sokol Custom Food Ingredients from private equity firm Burlington Capital Partners. Sokol, headquartered in Countryside, Illinois, is a formulator and manufacturer of wet-fill and liquid food ingredient products and will continue to be led by its existing management team under Solina's ownership.

Solina, a France-based global food-ingredients partner, has acquired U.S.-based Sokol Custom Food Ingredients, a Countryside, Illinois manufacturer of custom sweet and savoury sauces. The deal strengthens Solina USA's sweet-sauce capabilities, increases capacity and scale in the Midwest, and continues Solina's expansion in North America; Sokol was owned by Burlington Capital Partners prior to the sale.

OWS Foods, a manufacturer of Championship BBQ sauces and seasonings, has acquired Lillie's Q Sauces & Rubs, a premium barbecue CPG brand founded by Chef Charlie McKenna. The acquisition aims to accelerate Lillie’s Q's national expansion into conventional grocery, club and foodservice channels while leveraging OWS Foods' R&D and production capabilities.

Kingswood Capital Management, LP has acquired Branding Iron Holdings, a Sauget, Illinois-based manufacturer of branded and private-label protein products (beef and pork) with facilities in Sauget, Rochester, and Sauk Rapids, Minnesota. Kingswood will partner with the existing management team—promoting Andy Touchette to CEO and adding John Niemann as Executive Chairman—to support growth and expand the company's manufacturing and customer capabilities across foodservice, retail and chain restaurant channels.

Whetstone Distribution, a Shore Capital Partners‑backed platform of regional food distributors, has acquired Chicago-based meat purveyor Anmar Foods as an add-on to its distribution platform. The acquisition expands Whetstone’s product capabilities, channel penetration and Illinois footprint, adding Anmar’s meat processing and distribution capabilities to the platform.

Edlong Corp., a dairy and dairy-free flavor manufacturer, has acquired Brisan Group, a Chicago-based market research and product development consultancy focused on dairy and sweet flavors. Brisan's CEO Brian Vogt will join Edlong as vice president for business development for the company's U.S. and Canada units; terms were not disclosed and the deal is expected to close Nov. 4.

Keurig Dr Pepper (KDP) agreed to acquire a 60% stake in GHOST (GHOST Lifestyle LLC and GHOST Beverages LLC) for roughly $990 million, with plans to purchase the remaining 40% by 2028 for a total transaction value of $1.65 billion. The founders will remain in leadership, and KDP expects to integrate GHOST into its U.S. refreshment beverages segment and leverage its distribution network to scale the energy drink and sports nutrition brand.

Cheeze Kurls LLC dba CK Snacks, a portfolio company of Nexus Capital Management, has acquired Axium Foods, a private-label snack food manufacturer based in South Beloit, Illinois. The add-on acquisition expands CK Snacks' product portfolio and manufacturing capacity—bringing Axium's tortilla, corn chip and extruded snack capabilities into the CK Snacks platform while both companies continue to operate from their existing locations.

Diageo North America has acquired Ritual Zero Proof, the leading non-alcohol spirit brand founded in Chicago in 2019. Diageo — which previously took a minority position in Ritual via Distill Ventures in 2020 — plans to scale the brand within its broader non‑alcohol portfolio and accelerate distribution across retail and e-commerce channels.

T. Hasegawa USA, Inc. has acquired Abelei Flavors, Inc., a North Aurora, Illinois-based flavor house, to broaden its flavor portfolio, technical capabilities and U.S. footprint. The transaction brings Abelei's team and capabilities into T. Hasegawa's global flavor platform to better serve food and beverage customers in North America.

Brynwood Partners IX L.P. has acquired Miracapo Pizza Company LLC from an affiliate of CC Industries, Inc. The deal includes Miracapo’s three Chicagoland manufacturing facilities and approximately 385 employees; terms were not disclosed. Brynwood said the acquisition expands its pizza manufacturing footprint and commercial capabilities in the private-label and frozen pizza retail channel.

AB Mauri North America has acquired Omega Yeast Labs LLC, a Chicago-based producer of liquid yeast strains for the craft brewing market, effective August 14, 2024. The acquisition expands AB Mauri’s specialty yeast and fermentation capabilities in North America and brings Omega Yeast’s R&D and production footprint into AB Biotek’s beverage portfolio; financial terms were not disclosed.

Whitsons Culinary Group, a portfolio company of GenNx360 Capital Partners, has acquired Arbor Management, Inc., a school foodservice operator based in Itasca, Illinois. The deal expands Whitsons' footprint into the Midwest and strengthens its K-12 and higher education foodservice capabilities in Illinois and Wisconsin.

Sweet Oak, a newly rebranded parent owned by affiliates of Rhône Capital and Mariposa Capital, completed the take-private acquisition of Whole Earth Brands, combining it with Royal Oak Enterprises. The acquisition was funded with an $862 million senior secured credit facility led by Silver Point Finance, with participation from Fortress Credit, Cerberus, Monarch and other co-investors; McDermott Will & Emery represented Rhône in the transaction.

KPS Capital Partners has agreed to acquire Tate & Lyle PLC's remaining 49.7% ownership interest in Primary Products Investments LLC (Primient) for $350 million, with completion expected by the end of July 2024. Primient, a leading producer of corn-derived food and industrial ingredients employing about 1,800 people across six manufacturing facilities in the United States and Brazil, will be fully consolidated under KPS to support planned modernization and more than $700 million of capital investments.

Harwood Private Equity has acquired Crest Foods, a US-based provider of dairy stabilizers, contract packaging, and private-label dry food manufacturing. Terms were not disclosed; Brown Gibbons Lang & Company served as financial advisor and facilitated a sale-leaseback of Crest's 575,000-square-foot Ashton, Illinois facility via TPG Angelo Gordon's Net Lease business. Harwood said the acquisition will support Crest Foods’ next phase of growth.

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.

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.

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.

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.

Perfetti Van Melle has completed the acquisition of Mondelēz International's developed‑market gum business across the United States, Canada and Europe (excluding Portugal pending Portuguese regulatory approval). The deal transfers brands such as Trident, Dentyne, Stimorol, Hollywood, V6, Chiclets, Bubbaloo and Bubblicious as well as manufacturing facilities in Rockford, Illinois and Skarbimierz, Poland to Perfetti Van Melle, significantly expanding its North American and European footprint.

Roland Foods, a portfolio company of Vestar Capital Partners, has acquired ifiGOURMET, an importer and master distributor of ingredients for the bakery, pastry, confectionery and ice cream industries. ifiGOURMET will be combined with Roland's AUI Fine Foods sweet division, with owner and CEO Rick Brownstein remaining with the business; the acquisition expands Roland/AUI’s footprint in the Chicago and San Francisco markets and broadens its sweet product offering.

Brynwood Partners (through newly formed West Madison Foods) has agreed to acquire the Marie's salad dressing brand and the Dean's Dip business from Ventura Foods, including the Thornton, Illinois manufacturing facility. The deal is a corporate carveout/divestiture; West Madison Foods will be headquartered in Chicago and the Thornton plant (about 84 full-time employees) will continue to support the business.

FreshEdge, a Wind Point Partners-backed super-regional fresh food distributor, has acquired Panama Banana, a long-standing wholesaler and distributor of fine produce based in the Chicago International Produce Market. The deal expands FreshEdge's Midwest footprint—particularly in Chicago—and adds warehousing capacity and value‑added ripening and cold‑chain capabilities to better serve combined retail and foodservice customers.

AUA Private Equity Partners has acquired Western Smokehouse Partners from Charis Consumer Collaborative, marking Charis’ realization of its investment. During Charis’ ownership Western expanded through facility investments and add-on deals (Thrushwood Farms, Prairie Sky Snacks), growing headcount from about 60 to over 400 and operating multiple manufacturing sites out of Galesburg, Illinois.

FreshEdge, a super-regional fresh food distributor backed by Wind Point Partners, acquired Testa Produce, a Chicago-based produce and specialty food distributor. The add-on expands FreshEdge's Midwest footprint, adding capacity, a 91,300 sq. ft. LEED Platinum facility and broader product offerings to serve foodservice and retail customers across Illinois, Wisconsin and Indiana.

AUA Private Equity Partners has acquired Western Smokehouse Partners, a leading contract manufacturer of premium, better-for-you smoked meat snacks, from Monogram Capital Partners. The deal (terms undisclosed) will see AUA support Western's growth and capability expansion across its multi-facility Midwest manufacturing footprint.

Forever Cheese, a New York–based specialty foods importer, has acquired substantially all assets of W.A. Imports, a Hebron, Illinois–based importer and manufacturer of premium Japanese and Pacific Rim ingredients. The acquisition expands Forever Cheese's platform and assortment into premium Asian ingredients for foodservice and retail customers.

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.

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.

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.

HKW, a middle-market private equity firm, recapitalized Chicago-based Golden Country Oriental Food L.L.C. and its wholly owned subsidiary Golden Ocean Seafood Inc. The Lee family remains significant investors and management stays in place; HKW said the capital will support continued expansion and add-on acquisitions across the grocery, wholesale and foodservice channels.

Caldic B.V. has acquired Avatar Corporation, a specialty food-ingredients distributor and custom-formulation manufacturer based in University Park, Illinois. The deal expands Caldic's North American food-industry portfolio and manufacturing capabilities — including custom liquid blends, R&D and onsite rail transloading — to better serve US customers.

Private equity firm Burlington Capital Partners acquired Sokol & Company in a management-led buyout completed in partnership with Sokol's management. Gladstone Capital Corporation provided senior debt financing and an equity co-investment to support the transaction; the investment will fund growth initiatives to leverage Sokol's manufacturing and packaging capabilities.

37 Baking Holdings, LLC, a consortium-backed vehicle formed by North American family offices, has agreed to acquire the assets of Gold Standard Baking, LLC as part of the company's Chapter 11 process. The buyer, in partnership with Gold Standard's management led by CEO Haq Chaudary, will provide long-term capital to stabilize operations and continue manufacturing in Chicago under new ownership.

Shore Capital Partners has formed a partnership with Moesle Meat Distribution, a Chicago-based wholesale meat distributor of beef, poultry, pork and seafood, to support organic growth and pursue add-on acquisitions. Shore will work with CEO Joel Janecek to invest in sales, technology, warehouse/distribution infrastructure and value-added processing to build a regional specialty distribution and processing platform in the Midwest.

An affiliate of Peak Rock Capital has completed the acquisition of Ziyad Brothers, a Chicago-area omni-channel provider of branded Middle Eastern and Mediterranean foods. The transaction is a platform investment intended to accelerate growth, with the Ziyad family and management partnering with Peak Rock as Nassem Ziyad becomes CEO.

Graham Partners has become a majority investor in Woodland Foods, a Waukegan, Illinois-based supplier and manufacturer of specialty culinary ingredients and plant-based products. Woodland Foods' management will remain in place as Graham Partners plans to leverage its industry resources and operational experience to accelerate the company's growth across foodservice, retail, industrial and e-commerce channels.