Food & Beverage Acquisitions in Massachusetts

Turri's Italian Foods, a Fund II portfolio company of Benford Capital Partners, has acquired Joseph's Gourmet Pasta to form a combined frozen pasta, rice and sauce platform serving foodservice, retail and CPG customers. Benford Capital partnered on the transaction; New Mountain Capital participated in acquiring Joseph's real estate assets and Joseph's was acquired from LaSalle Capital.

Barrel One Collective, a New England craft beer collective formed from Mass. Bay Brewing and Finestkind Brewing, has acquired Greater Good Imperial Brewing Company, a Worcester-based all-imperial beer specialist. The acquisition preserves Greater Good's Worcester taproom and brewery while expanding Barrel One's Massachusetts footprint and adding a high-ABV specialty brand to its portfolio.

Paine Schwartz Partners has made a strategic growth investment from its Food Chain Fund VI into Chex Finer Foods, a third-generation, family-owned specialty and natural foods distributor headquartered in Mansfield, Massachusetts. The firm will partner with Chex’s management to accelerate organic growth, invest in technology and operations, and pursue M&A in the fragmented specialty food distribution market.

Everwell Health has acquired American River Nutrition (ARN) from Designs for Health, adding ARN's patented annatto-derived ingredients—including DeltaGold and GG-Gold—and specialized manufacturing and R&D capabilities in Hadley, Massachusetts to Everwell's functional ingredient platform. ARN will operate as 'American River Nutrition, an Everwell Health Company' through 2025 while Everwell invests in the Hadley facility; the ingredient DuoQuinol was excluded from the sale and remains with Designs for Health.

Panebianco Wines, a New York-based importer and distributor of premium Italian wines, has acquired DB Wine Selections, a specialist purveyor of high-quality French wines. The deal expands Panebianco's fine wine portfolio and Northeast market coverage while DB Wine Selections will retain its name and president Didier Boutet to lead integration and continuity for clients and suppliers.

Boyne Capital (through an affiliate) has made a platform investment in Blue Monkey Beverages and partnered with Fifth Ocean Capital. Fifth Ocean principal Steve Beck joins Blue Monkey as CEO; the investment is intended to accelerate distribution, product innovation, and expansion with new and existing customers while supporting the company's next phase of growth.

Martin Braun-Gruppe has acquired Hoff's Bakery, a family-owned frozen bakery producer based in Malden, Massachusetts, marking the group's first entry into the U.S. market and strengthening its Frozen Bakery Division. Hoff's Bakery — known for frozen fully finished cakes and desserts and employing around 150 people — will be led by Nicole Paparian, daughter of the founder, who will remain as CEO.

Gryphon Investors will acquire a majority stake in Spindrift Beverage Co., a Newton, Massachusetts-based maker of sparkling water and other fruit-based beverages, with founder Bill Creelman and the management team retaining a significant equity stake. The investment coincides with the appointment of Dave Burwick as CEO and is intended to provide financial and operational resources to accelerate the brand's growth; the deal is expected to close in Q1 2025 (terms not disclosed).

Craft Collective and Homegrown Distribution have merged to form Craft Collective Homegrown (CCHGD), combining their beverage portfolios and operations to expand distribution and service across Massachusetts and Rhode Island. The combined business will operate from a 40,000 sq. ft. facility in Bellingham, MA and a 15,000 sq. ft. facility in Warwick, RI, enhancing logistics, cold-chain capabilities, and product selection for retail and restaurant customers.

Feast & Fettle, a premium prepared-meal delivery operator based in Rhode Island, has acquired WECO Hospitality to accelerate its East Coast expansion and support a January 2025 launch in Brooklyn. The deal brings WECO’s members into Feast & Fettle’s integrated DTC meal platform, expanding the buyer’s customer base and capacity across the Northeast.

Bell's Foods LLC, formed by three entrepreneurs including Dave West, has acquired the historic Bell's Brand (including Bell's Seasoning, Gravy, Brine and Onions) after the prior owner's financial difficulties. The new owners have restarted manufacturing and restocked core seasonings for the holidays, with Bell's Stuffing expected to return to shelves in early 2025.

Rise Baking Company, a portfolio company of Olympus Partners, has acquired Worcester, Massachusetts-based Table Talk Pies, Inc., a family-owned pie manufacturer founded in 1924. The acquisition expands Rise's pie capabilities and footprint—bringing the combined Rise business to 20 manufacturing facilities and approximately 3,700 employees across the US and Canada.

Pasture Brands Holdings, a portfolio company of Benford Capital Partners, has acquired Pillars Yogurt, a better-for-you drinkable yogurt brand launched in 2016. The deal adds Pillars' clean-label, high-protein products (sold in over 4,000 U.S. stores) to the Pasture Brands platform to accelerate retail distribution and new product development.

Imperial Dade has acquired Harbour Food Service Equipment, a long-running foodservice equipment dealer based in Chelsea, Massachusetts. Financial terms were not disclosed; Imperial Dade said the deal expands its product offering and strengthens its presence in the Northeast while preserving Harbour’s customer service and operations.

Buyers Edge Platform secured a $425 million preferred equity investment led by General Atlantic Credit’s Atlantic Park fund, alongside Blackstone Tactical Opportunities and Morgan Stanley Tactical Value. The financing will fund platform innovation, strategic M&A and European expansion; institutional investor Bregal Sagemount will exit its minority stake while founder John Davie increases his majority ownership.

Buyers Edge Platform, a digital procurement leader based in Waltham, Massachusetts, has acquired Food & Supply Source, a supplier serving human service organizations and childcare centers. The deal expands Buyers Edge Platform's reach into the human services segment and integrates Food & Supply Source's procurement and nutrition services into its digital purchasing network.

Sugar Foods, a Pritzker Private Capital–backed food company, has acquired Concord Foods, adding Concord’s brands and a 255,000 sq. ft. Brockton, Massachusetts facility to Sugar Foods’ North American footprint. Terms were not disclosed; Concord was previously owned by Arbor Investments, its founders and management. The deal is intended to expand Sugar Foods’ capabilities, capacity and product offerings across retail and foodservice channels.

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.

Seviroli Foods LLC, a portfolio company of Mill Point Capital LLC, has acquired Mama Rosie's Company, Inc., a second‑generation family-owned manufacturer of frozen pasta products based in the Greater Boston area. The acquisition is an add-on to the Seviroli platform to expand frozen pasta capacity and product portfolio across grocery, club and foodservice channels; Mama Rosie's CEO and owner Nick Sardo will remain on as a senior advisor.

Bensenville, Illinois-based Fortune International has completed its acquisition of Boston Sword & Tuna, a Boston-based seafood distributor and processor. Boston Sword & Tuna will continue to operate under its existing leadership and brand, expanding Fortune's presence in the Northeast and enhancing its processing and distribution capabilities.

Cooke Inc. has acquired Slade Gorton, one of the largest U.S. distributors, importers, and manufacturers of fresh and frozen seafood. Slade Gorton will remain led by family members Kim Gorton (CEO) and Mike Gorton Jr. (EVP), and will be integrated into Cooke's vertically integrated seafood network to strengthen Cooke's U.S. distribution and product offering.

Great Kitchens Food Company, a Brynwood Partners portfolio company, has acquired the Uno Foods division of Uno Restaurant Holdings Corporation from Newport Global Advisors. The acquisition adds the Pizzeria Uno branded frozen and refrigerated product line and the Brockton, Massachusetts manufacturing facility to Great Kitchens' frozen foods platform, expanding Brynwood's manufacturing footprint.

Groupe Berkem has acquired i.Bioceuticals, the exclusive North American distributor of OPC and pine bark extracts from Dutch supplier International Nutrition Company (INC). The cash transaction transfers i.Bioceuticals' Massachusetts-based team to Groupe Berkem as the Group expands its bio-based health, beauty and nutraceutical offering and strengthens its footprint in North America.

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.

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.

EARI Beverage Group (OTC:EARI) has acquired the Blossom Botanical Water brand, adding a plant-based botanical bottled-water product to its craft and functional beverage portfolio. Blossom, founded in Massachusetts and credited with creating a botanical water sub-category, has distribution across the U.S. East Coast and Midwest and has generated roughly $4 million in gross sales since inception; founder Steve Fortuna will join the EARI team to support expansion and new packaging initiatives.

Arctic Glacier, LLC has acquired the bulk ice manufacturing, dry ice and distribution business of Brookline Ice Company (owned by the Signore family). The acquisition adds production and storage capacity in the greater Boston/Brookline area and expands Arctic Glacier’s packaged-ice footprint and direct-store delivery capability across New England.

The J.M. Smucker Co. completed the sale of its natural and organic beverage and grains businesses — including the R.W. Knudsen and TruRoots assets and trademarks plus a licensing agreement for Santa Cruz Organic beverages — to Nexus Capital Management LP for $110 million in cash (subject to working capital adjustments). The transaction includes manufacturing and distribution facilities in Chico, California and Havre de Grace, Maryland, and Nexus plans to operate the acquired brands as an independent consumer platform led by Bobby Chacko as chairman and CEO.

Rotunda Capital Partners has acquired a majority stake in Siegel Egg Co., a fourth-generation, family-owned distributor of bakery ingredients headquartered in Billerica, Massachusetts. Rotunda will partner with the existing management team to accelerate organic growth, expand into new markets and pursue add-on acquisitions while supporting operational improvements.

Garten Wellbeing (garten), a San Francisco–area provider of workplace wellbeing and healthy food services, has acquired LeanBox, a Boston-based fresh food kiosk provider. The acquisition expands garten’s unattended food kiosk and in-office cafe offerings to strengthen its employee wellbeing platform and support hybrid workplace food solutions.

Ayr Wellness Inc. has entered into a binding letter of intent to acquire 100% of Cultivauna, LLC, the owner of the Levia brand of cannabis-infused seltzers and tinctures. The deal includes $20 million in upfront consideration (up to $10 million cash, remainder in stock) and an earn-out of up to $40 million in shares tied to 2022–2023 revenue targets; the acquisition is expected to close by the end of 2021 subject to regulatory approvals.

Family-owned Rich Products acquired Signature Breads to add specialty par- and fully-baked breads and rolls to its bakery portfolio. Production of Signature Breads products will be moved to Rich Products’ manufacturing sites, and the deal preserves key SKUs while bringing two former Signature Breads associates into Rich’s commercial team.

Hickory Farms, the U.S. gourmet food gift retailer, has acquired Wicked Good Cupcakes, the mason-jar cupcake brand founded in Cohasset, Massachusetts and known for its Shark Tank success. The acquisition brings Wicked Good Cupcakes into Hickory Farms' product assortment and will make the cupcake lineup available through Hickory Farms' channels and website.

The Chefs' Warehouse, Inc. acquired substantially all of the assets of M.F. Foley Company Inc. (Foley Fish), a New Bedford, Massachusetts-based seafood purveyor. The acquisition accelerates The Chefs' Warehouse's center-of-the-plate and seafood category expansion in the Northeast and brings Foley Fish's long-standing relationships and product quality into The Chefs' Warehouse platform.

Clearlake Capital Group has signed a definitive agreement to acquire The Wellness Pet Food Holdings Company (WellPet) from affiliates of Berwind Corporation. WellPet, headquartered in Tewksbury, Massachusetts, is a leading premium natural pet food and treats manufacturer with 400+ employees and production facilities in Indiana, Minnesota and the Netherlands; Clearlake plans to invest in growth, brand innovation and build a consolidation platform in the premium pet food category.

Matrix Sciences International Inc. has acquired Lapuck Laboratories, a Canton, Massachusetts-based microbiology laboratory founded in 1966 and owned by Dr. Khalil Zadeh. The acquisition expands Matrix Sciences' laboratory network into the New England region and strengthens its food/agriculture testing and analytics capabilities.

GrubMarket has acquired Boston Organics, a Charlestown, Massachusetts-based farm-to-table online grocery delivery service. The deal gives GrubMarket its first East Coast presence while Boston Organics will continue operating from its headquarters under current leadership and gain access to GrubMarket's software and e-commerce capabilities.

B&G Foods acquired Farmwise LLC, the maker of Veggie Fries, Veggie Tots and Veggie Rings, to expand its plant-based and frozen product offerings. The Wellesley, Massachusetts-based brand — founded by Dave and Cristina Peters — will be integrated into B&G's portfolio and leveraged to develop new Green Giant SKUs. Terms were not disclosed.

Manna Tree Partners, a Vail, Colorado-based private equity firm, has made a $15 million minority growth investment in Verde Farms, a Woburn, Massachusetts-based producer and distributor of 100% grass-fed, pasture-raised organic beef. The capital will support Verde's product innovation (including ready-to-eat offerings) and accelerate its U.S. and international geographic expansion while scaling its branded, value-added meat business.

The Chefs' Warehouse, Inc. (NASDAQ: CHEF) acquired substantially all assets of Cambridge Packing Company, a Boston-based specialty meat and seafood distributor, in a deal that will add approximately $50 million of annual net sales. The acquisition expands The Chefs' Warehouse's specialty protein capabilities and strengthens its presence in the Northeast U.S.

The Chefs' Warehouse, Inc. (NASDAQ:CHEF) has acquired substantially all of the assets of Sid Wainer & Son, a century-old specialty produce and foods distributor based in New Bedford, Massachusetts. The acquisition accelerates The Chefs' Warehouse's expansion in New England and is expected to generate approximately $180 million in annual net sales by leveraging Sid Wainer's product lines and produce expertise.

TB12, the performance lifestyle brand co-founded by Tom Brady, has acquired VitalFit Nutrition, a Boston-based maker of plant-based recovery and nutritional supplements. The deal will integrate VitalFit's products (Tart Cherry, Rested, RedRoot) into TB12 Performance & Recovery Centers and TB12sports.com, and VitalFit co-founders will join TB12's product innovation team; financial terms were not disclosed.

LaSalle Capital, with mezzanine financing from NewSpring Mezzanine, has completed the acquisition of Joseph's Frozen Foods from Brynwood Partners. Joseph's, headquartered in Haverhill, Massachusetts, is a manufacturer of frozen Italian pastas, sauces and meal solutions and will use the partnership capital to support product innovation and production capacity expansion.

Sara Lee Frozen Bakery agreed to acquire Hostess Brands' in-store bakery business Superior Cake Products, Inc. for $65 million in cash, subject to customary post-closing adjustments. The deal (announced August 1, 2019) is expected to close in the third quarter of 2019 and will expand Sara Lee Frozen Bakery's presence in the in-store bakery category while Hostess intends to deploy proceeds to de-lever and pursue strategic options.

Mass Bay Brewing Company, the employee-owned parent of Harpoon Brewery, has acquired Clown Shoes Brewing, a craft beer brand founded in Ipswich, Massachusetts. The deal brings Clown Shoes into Mass Bay's employee ownership framework and aims to expand the Clown Shoes brand regionally and nationally.