Food & Beverage Acquisitions in Michigan

Mars, Incorporated has acquired Kellanova in an all-cash transaction valued at $35.9 billion ($83.50 per share). The deal brings Kellanova's snack and breakfast brands — including Pringles, Cheez-It and Pop-Tarts — into the Mars Snacking portfolio to expand Mars' global snacking scale, capabilities and product categories.

Livonia-based Benchmark Beverage Company has acquired the historic Altes Beer brand from Detroit National Brewing Co. The deal brings the century-old Detroit beer into Benchmark’s portfolio and aims to expand Altes’ manufacturing and distribution footprint while keeping brewing operations in Michigan and retaining Detroit National’s partners on the Altes team.

NSF, a global public health and safety organization, has acquired Cambium Analytica, a Traverse City, Michigan-based analytical testing and product development firm serving natural food, beverage and dietary supplement clients. The acquisition adds Cambium's QA, batch-release testing and contract research capabilities to NSF's Food and Nutrition division and will operate as "Cambium Analytica, an NSF company" with its 69 employees remaining in Traverse City.

The Ferrero Group has completed its acquisition of WK Kellogg Co, with WK Kellogg Co becoming a wholly owned subsidiary. WK Kellogg Co shareholders received $23.00 in cash per share; Ferrero says the purchase expands its strategic growth and brand portfolio in North America.

Leonard's Syrups, a Detroit-based beverage service provider, has acquired Midwest Juice, a Grand Rapids-based distributor of fountain drink systems. The acquisition expands Leonard's geographic footprint and service capabilities across Michigan, adding Midwest Juice's nursing-facility and restaurant accounts and two locations in Grand Rapids and Livonia.

Furlani Foods, a portfolio company of Entrepreneurial Equity Partners (e2p), has agreed to acquire Cole's Quality Foods, combining two leading frozen garlic-bread producers to create a scaled provider for retail and foodservice channels. The deal (financial terms undisclosed) expands Furlani's North American manufacturing footprint and product portfolio; the transaction is expected to close in Q1 2025 following regulatory approvals.

Chicago-based private equity firm Benford Capital Partners has acquired Turri's Italian Foods, a Michigan-based maker of IQF (individually quick frozen) pasta and rice. The Turri family will remain in leadership, and Benford plans to invest in production capacity and capabilities while pursuing add-on acquisitions to grow the business.

Los Angeles-based Nexus Capital Management acquired Cheeze Kurls, LLC (CK Snacks), a Grand Rapids-based private-label snack food manufacturer, from Kilroy Partners. Nexus will partner with CEO Jamie Colbourne and management to support the company's next phase of growth in retail, grocery and drugstore channels.

Argonne Capital Group, a private investment firm based in Atlanta, has acquired Country View Bulk Foods in Snover, Michigan. The transaction, facilitated by IAG M&A Advisors, closed after a competitive bidding process and follows the sellers' decision to retire.

Levine Leichtman Capital Partners (LLCP) has acquired Kilwin's Quality Confections, Inc. and Kilwins Chocolates Franchise, Inc. (together, Kilwins), a franchisor, retailer, manufacturer and distributor of premium chocolate, ice cream and confectionary products. Founded in 1947 and headquartered in Petoskey, Michigan, Kilwins operates over 150 locations across 25 states; founders Robin and Don McCarty will retain an ownership interest and financial terms were not disclosed. LLCP said it will work with management to accelerate growth through franchise expansion, new channel opportunities and product innovation.

SpartanNash has acquired Great Lakes Foods, including its 300,000-square-foot distribution center in Menominee, Michigan. The facility, which serves roughly 100 independent grocery customers and employs 125 associates, will be integrated into SpartanNash's supply chain to expand geographic reach and enhance service offerings.

LaSalle Capital, in partnership with Lightspring Capital I, LP, has completed the acquisition of Great Lakes Potato Chips, a Traverse City, Michigan-based kettle-cooked potato chip manufacturer founded by Ed and Chris Girrbach. The founders remain involved (Chris Girrbach will stay on as CEO) and the buyers intend to accelerate growth into new states and accounts across retail, foodservice distributors and direct-to-consumer channels.

An investor group led by Littlejohn & Co. acquired Lipari Foods, a leading specialty food distributor and value-added manufacturer headquartered in Warren, Michigan. The Lipari family, management, H.I.G. Capital and Sterling Investment Partners remain minority investors; Littlejohn said it will support Lipari's next phase of growth and accelerate its acquisition program.

Daybreak Foods, a family-owned shell-and-liquid-egg producer, has acquired substantially all assets of Konos, Inc. (d.b.a. Vande Bunte Eggs). The acquisition secures additional cage-free, free-range, and organic shell-egg supply and supports Daybreak's continued growth and cage-free conversion opportunities; the Vande Bunte family will retire as part of the transaction.

Funds managed by CapVest Partners LLP have closed the acquisition of Second Nature Brands, a Michigan-based creator of premium snacks and treats (Kar's Nuts, Second Nature Snacks, and Sanders Chocolates), from affiliates of Palladium Equity Partners. CapVest said it will support the company's next phase of growth through product innovation, category leadership and scaling the platform organically and via strategic acquisitions; terms were not disclosed.

FreshEdge, a family of produce and specialty food companies backed by Rotunda Capital Partners, acquired Vine Line, a fresh produce distributor based in Comstock Park (Grand Rapids), Michigan. The add-on expands FreshEdge's footprint in western Michigan, adds a 67,147 sq. ft. facility and additional logistics capacity to support the platform's growing customer base.

Utz Brands, Inc. agreed to acquire all assets (including Grand Rapids, Michigan real estate) of Festida Foods from Great Lakes Festida Holdings, Inc. for $41 million. The acquisition brings in Festida’s tortilla- and corn-chip manufacturing capacity to support Utz’s ON THE BORDER brand, deliver supply‑chain synergies, and expand production and geographic reach in the Midwest.

Lipari Foods, a portfolio company of H.I.G. Capital, has acquired the assets of Tut's International Export & Import Co., Inc., a Dearborn, Michigan-based importer and distributor of Middle Eastern and Eastern European foods. The acquisition is the third add-on since H.I.G. acquired Lipari and is intended to strengthen Lipari's international specialty food division and expand its perimeter-of-the-store offering.

FreshEdge, the Rotunda Capital Partners-backed fresh food distribution platform, has acquired Leonardo's Produce, a Detroit-based distributor of fresh produce and specialty products. The add-on deal (closed December 31, 2020) expands FreshEdge's presence and service offerings in Michigan and northern Ohio and strengthens its value-added fresh-cut and specialty capabilities.

Kilroy Partners has acquired Cheeze Kurls, a Grand Rapids-based private label snack food manufacturer known for popcorn, cheese puffs and other salty snacks. Source Capital provided debt financing and an equity co-investment from its third credit fund to support the transaction and back Kilroy Partners as the company pursues operational improvements and growth.

The Riverside Company, a global private equity firm, has invested in National Flavors, LLC (NF), a Michigan-based flavor manufacturer founded in 1941 that supplies flavors for beverages, frozen desserts, baked goods, confections and processed fruits. Riverside said it will strengthen NF’s research, development and application capabilities through organic and inorganic initiatives and is actively pursuing add-ons to build out its flavor and specialty ingredients platform.

Continental Services, a Michigan-based food management company and portfolio company of New Heritage Capital, has acquired Northern Vending Company of Ann Arbor, Michigan. The deal brings Northern Vending’s staff into Continental, expanding Continental’s refreshment client base and increasing service density in the western part of its market as part of an ongoing add-on acquisition strategy.

Continental Services, a Michigan-based food management company and portfolio company of New Heritage Capital, has acquired Sterling Services of Canton, Michigan. The entire Sterling leadership team and staff will join Continental; financial terms were not disclosed. The deal is an add-on as Continental continues a series of strategic acquisitions to expand its dining, refreshment and vending capabilities in Michigan.

H.I.G. Capital affiliate has acquired Lipari Foods Operating Company, LLC from Sterling Investment Partners and certain other selling shareholders, with the Lipari family and management retaining a significant investment. Sterling also made a new investment and will hold a board seat; H.I.G. will partner with management to expand Lipari's distribution and manufacturing platform and pursue organic and M&A-driven growth.