Food & Beverage Acquisitions in Indiana

One Equity Partners (OEP) has agreed to acquire CraftMark Bakery, a wholesale frozen bakery manufacturer based in Indianapolis. OEP plans to support CraftMark’s growth—both organically and through strategic M&A—and provide debt financing through Steel City Private Credit; the transaction is expected to close in Q2 2025 with financial terms undisclosed.

Nonantum Capital Partners, a Boston-based middle-market private equity firm, has acquired MSI Express, a Portage, Indiana–headquartered co-manufacturer and co-packer for food and beverage brands, from HCI Equity Partners. The deal closed March 24, 2025; financial terms were not disclosed. Nonantum said it will support continued growth and scaling of MSI's multi-facility operations.

OSI Group LLC has agreed to acquire Park 100 Foods, a privately owned custom kettle-cooked food manufacturer based in Tipton, Indiana. The deal expands OSI's sauce-processing capabilities and adds frozen soups, sauces, gravies and other prepared food categories; Park 100's ~600 employees across multiple plants will join OSI's operations.

One Rock Capital Partners (through an affiliate) completed a strategic growth investment in Lewis Brothers Bakeries, a third-generation, family-owned wholesale bakery headquartered in Evansville, Indiana. The Lewis family remains invested, management (led by H. Dean Short) will continue to run the business, and One Rock said it will support geographic and product expansion as well as potential accretive acquisitions.

QualiTech, a portfolio company of MidOcean Partners, has acquired Ellison Bakery from Tilia Holdings. The add-on strengthens QualiTech's ingredient and inclusion capabilities—Ellison, headquartered in Fort Wayne, Indiana, manufactures baked inclusions, crunches, toppings and related ingredients for retail, foodservice and private label customers; terms were not disclosed.

AMCON Distributing Company has signed an asset purchase agreement to acquire Richmond Master Distributors, Inc. ("Master Distributors") of South Bend, Indiana. AMCON will continue to serve Master Distributors' customers from the South Bend location and expects the transaction to close in its fiscal 2024 third quarter, expanding AMCON's geographic footprint and service capabilities.

South Bend-based Raydia Food Group has acquired Terre Haute-based B&B Foods Distributors, Inc., a family-owned full-line food distributor and restaurant equipment supplier. B&B Foods has approximately $33 million in annual sales and 60 employees; owner Scott Isles will remain as president as Raydia expands its regional footprint near the Illinois border and southwest of Indianapolis.

Skyline Global Partners LLC has made a growth investment in Cosmo's Superior Foods, a turn-key private label and co-manufacturer of ultra‑premium pet treats based in Indiana. The capital will be used to expand Cosmo's manufacturing facility, add state-of-the-art equipment and double the company's staff to meet rising demand in the growing premium pet treat market.

AUA Private Equity Partners has acquired Weaver Holdings, LLC (Weaver Popcorn Manufacturing), a fourth-generation, family-owned manufacturer of popcorn and snacking products headquartered in Van Buren, Indiana. AUA plans to professionalize operations, invest in capability expansion and product innovation while retaining the company’s entrepreneurial culture; financial terms were not disclosed.

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.

CC Industries, the Crown family holding company, acquired CIE, a Marion, Indiana-based producer of grain-based specialty alcohols, from a widely held shareholder group. CIE will operate as a standalone business with its existing management team in place as CC Industries expands into a new sector vertical within its portfolio.

MSI Express, backed by HCI Equity Partners, acquired select contract manufacturing and packaging assets from PacMoore Products, Inc. on October 25, 2021. The transaction adds PacMoore’s Hammond, Indiana operations to MSI’s Indiana footprint as a third add-on to the HCI-backed platform, expanding capacity and complementary capabilities for CPG customers.

Harlan Bakeries LLC has acquired Evansville-based AmeriQual Group Holdings, LLC, a developer, packager and distributor of shelf-stable, refrigerated and frozen foods for branded food companies, government agencies and institutional customers. New York-based Turning Rock Partners provided structured equity financing to support the transaction, with existing shareholders and management also participating.

Waterlogic (through its Americas arm) acquired Beverage Express Inc., a Indianapolis-based specialty consumable and point-of-use (POU) water and coffee delivery company founded by Joe Nahmias. The deal expands Waterlogic Americas' POU footprint in the Indianapolis market and adds density to its existing local operations.

Saco Foods Holdings, a portfolio company of Benford Capital Partners, acquired Hoosier Hill Farm, a digitally native branded shelf-stable food company based in Fort Wayne, Indiana. The acquisition is an add-on to Saco's platform to expand eCommerce capabilities and cross-sell products across Saco's retail channels; Hoosier Hill's founder Pete Roesner remains an ongoing owner and partner in the business.

NexPhase Capital has closed an investment to acquire Oliver Winery, a Bloomington, Indiana-based winery that sold over 700,000 cases in 2020. The founding Oliver family will remain involved (Bill Oliver on the board) while NexPhase provides capital and operating expertise to support expanded distribution, facility investment, and continued growth.

Nutricia, part of Danone's Specialized Nutrition business, has acquired Real Food Blends, a Chesterton, Indiana-based maker of 100% real-food meals for people who rely on feeding tubes. The founders, Julie and Tony Bombacino, will remain in their roles as CEO and President while Nutricia intends to scale the Real Food Blends portfolio and expand its reach through Nutricia/Danone's broader distribution and clinical channels.

Chicago-based private investment firm Tilia Holdings completed the acquisition of Fort Wayne, Indiana-headquartered Ellison Bakery from the Ellis family and a group of private equity investors including Blackford Capital and Promus Equity Partners. Ellison is a manufacturer of cookies, crunches, inclusions and bars serving retail, foodservice and private label customers; management will remain in place and debt financing was provided by Comerica and others.

AUA Private Equity Partners’ platform Gourmet Culinary Partners has acquired Holiday Foods from Schwan’s Company to expand its national specialty prepared foods footprint. The deal strengthens GCP’s capabilities in appetizers and hors d’oeuvres and supports the platform’s strategy to serve national foodservice and retail accounts.

Arctic Glacier, LLC has acquired Superior Ice Company Inc., which operates in Linton and Indianapolis, Indiana. The acquisition expands Arctic Glacier's Midwest footprint and delivery capacity; financial terms were not disclosed.

Tipton Mills, a Columbus, Indiana-based contract manufacturer of powdered food and beverage blends, was sold by Compass Group Equity Partners to the company’s current management team in a management buyout. Compass Group, which acquired Tipton Mills in 2015 and supported growth and a plant expansion, exited the investment after more than doubling the business’s revenues.

Skyline Global Partners LLC closed a growth equity investment in Egg Innovations, LLC (the company behind the Blue Sky Family Farms brand) on February 15, 2019. Financial terms were not disclosed; Egg Innovations is a U.S. pasture‑raised and free‑range egg producer partnering with family farms across the Midwest and selling into grocery chains and private label channels.