Food & Beverage Acquisitions in Tennessee

Jackalope Brewing Company has acquired Nashville-area craft brewer Black Abbey Brewing Company, formalizing a relationship the two breweries say has existed for more than a decade. The move will preserve Black Abbey's European-inspired brewing identity while providing increased production capacity, broader distribution, and additional resources to support long-term brand development and regional growth.

Memphis-based Wiseacre Brewing Company has acquired Nashville's Bearded Iris Brewing, combining two of Tennessee's largest craft breweries. Wiseacre, using its Abel Brewing LLC entity, will operate Bearded Iris' locations in Nashville as part of a strategic consolidation to bolster scale and address ongoing industry challenges; financial terms were not disclosed.

Legacy Bakehouse, a portfolio company of Benford Capital Partners, has acquired Mannon Specialty Foods, Inc. dba Classic Cookie, a Sevierville, Tennessee-based baker of premium cookies and brownies. The acquisition adds a 48,000–50,000 sq. ft. production facility, national retail distribution (including Walmart), and expanded sweet-snack capabilities to Legacy's growing bakery platform; financial terms were not disclosed.

Tacoma and Hoyt LLC, a Tennessee-based investment firm, has acquired Jackalope Brewing Company, a craft brewery and taproom in Nashville’s Wedgewood-Houston neighborhood. Steve Barone (CEO of Tacoma and Hoyt) will become CEO of Jackalope while founder Bailey Spaulding remains Chief Beer Officer and Steve Wright shifts to Chief Revenue Officer as the company pursues regional growth and expanded distribution across the Southeast.

Five Star Breaktime Solutions has acquired Cool Springs Refreshments LLC, a Nashville-based vending and micro-market operator founded in 2004 by Robert Venables. The purchase expands Five Star’s footprint across Middle Tennessee, adding nearly 60 customer locations served by about 130 vending machines and micro-markets and enhancing its breakroom services in the Nashville market.

Reser's Fine Foods has agreed to acquire St. Clair Foods, a Memphis-based manufacturer of refrigerated deli salads, frozen side dishes and frozen entrees. St. Clair will become an operating division of Reser's; founder Oscar H. Edmonds III will move to an advisory role while his children remain in leadership, and the deal is intended to create regional, channel and product growth opportunities for Reser's.

US Foods Holding Corp. has agreed to acquire IWC Food Service (Institutional Wholesale Co., Inc.), a family-owned broadline foodservice distributor based in Cookeville, Tennessee, as a tuck-in to expand US Foods' footprint into central Tennessee. IWC, which generates more than $200 million in annual revenue and serves 2,700+ independent restaurants, will continue operating from its 160,000-square-foot facility and local cash-and-carry store; the deal is expected to close in Q2 2024 pending regulatory approval and terms were not disclosed.

Chicago-based private equity firm Entrepreneurial Equity Partners (e2p) has acquired MBC Companies, a McDonald, Tennessee-based frozen breakfast manufacturer and distributor, from Encore Consumer Capital. Financial terms were not disclosed; e2p said it will partner with MBC's existing management to expand manufacturing capabilities, product innovation and channel growth across retail and foodservice.

Tyson Foods completed the acquisition of Williams Sausage Company, a 65-year-old Union City, Tennessee-based maker of fresh and fully cooked sausage, bacon and sandwiches, adding manufacturing capacity and retail/foodservice product lines to Tyson's Prepared Foods segment. Williams Sausage employs about 500 team members and will have operational continuity with Emily Billingsley (founder's daughter) overseeing operations during the transition.

Murry's Inc., a portfolio company of Encore Consumer Capital, has acquired Bake Crafters Food Company, a McDonald, Tennessee-based manufacturer and distributor of baked goods that sells primarily into K-12 foodservice and other institutional channels. The transaction closed on April 1, 2022; Encore said the deal is a strategic add-on to expand Murry's capabilities and presence in the K‑12 and institutional foodservice market, and Murry's also hired Jeff Ahlers as CEO to support integration and growth.

Colgate-Palmolive Company will purchase three dry pet food manufacturing plants in Orangeburg, South Carolina; Clinton, Oklahoma; and Washington Court House, Ohio from Red Collar Pet Foods for $700 million, integrating them into its Hill's Pet Nutrition supply network. Approximately 350 employees involved in the dry pet food operations will transfer to Colgate; the deal supports Hill's production capacity and is subject to regulatory and other closing conditions.

Redwood Capital Investments, a Baltimore-based permanent holding company, has entered into a definitive agreement to acquire Grain Craft, the U.S. flour miller headquartered in Chattanooga, Tennessee. The transaction, in which Grain Craft is being sold by family owner G&L Holdings, is expected to close in Q3 2022; terms were not disclosed.

Funds advised by Apax Partners LLP agreed to acquire a controlling stake in Ole Smoky Distillery from Centerview Capital, with founders Joe Baker, Cory Cottongim and management remaining significant shareholders. Apax said it will work with management to accelerate growth, invest in the core brand and support strategic acquisitions; the company (headquartered in Gatlinburg, Tennessee) sold over 1 million 9L cases in 2021 and operates four distilleries visited by millions annually.

Sabrosura Foods, a Bloomington, Minnesota-based marketer of Hispanic food brands and a portfolio company of Centre Partners, has acquired Pancho's Mexican Foods, the Memphis-origin refrigerated queso dip brand founded in 1956. The add-on expands Sabrosura's snacking and Hispanic cheese portfolio and aims to broaden Pancho's nationwide distribution across mass, club and grocery channels; terms were not disclosed.

Pritzker Private Capital partnered with Monogram Foods in an investment transaction announced August 31, 2021, with HF Capital participating as a co-investor. The transaction comprised a dividend recap and merger that enabled WP Global Partners (and affiliated COREalpha co-investment fund) to exit, while providing Monogram with new investor backing to pursue further growth and M&A.

Pritzker Private Capital has acquired a significant stake in Monogram Foods, a founder-led prepared foods manufacturer headquartered in Memphis, Tennessee, with HF Capital joining as a co-investor. The founders and management remain significant owners and will continue to lead the business; the capital is intended to support long-term growth, strategic acquisitions, nationwide facility expansion and R&D investment.

FreshEdge, a family of produce and specialty food distributors backed by Rotunda Capital Partners, has acquired Valley Produce, a fresh-produce distributor operating near Knoxville, Tennessee. The deal (closed June 30, 2021; terms undisclosed) is an add-on to the FreshEdge platform to expand its presence in eastern Tennessee and the broader southeastern U.S.; Valley will continue operating from its current facility with Mark Stansberry remaining as president.

Chairmans Foods, a Sequel Holdings portfolio company, acquired Mrs. Grissom's Salads in April 2021 as an add-on to expand its refrigerated prepared foods and grab-and-go offerings. The acquisition brings Mrs. Grissom's pimento cheese spreads, dips and protein salads into Chairmans' retail and foodservice product set and strengthens relationships with retail deli/dairy departments.

FreshEdge, the family of produce and specialty food distribution companies backed by Rotunda Capital Partners, has acquired McCartney Produce, a Paris, Tennessee-based distributor of fresh produce and specialty food products. The deal, which closed on November 18, 2020 (terms not disclosed), expands FreshEdge's presence in Tennessee, the Southeast and the Midwest; McCartney will continue to operate from its Paris facility with Raymon Randolph remaining as president.

Palladium Equity Partners–backed Quirch Foods, LLC has acquired Butts Foods, a family-owned fresh protein distributor headquartered in Jackson, Tennessee. The add-on expands Quirch's footprint in the Southeast by bringing Butts Foods' five distribution facilities across Tennessee, Alabama and Mississippi into the Quirch platform.

Freeman Spogli & Company acquired a majority interest in Five Star Food Service, Inc., partnering with Five Star management and other investors. The private equity investment will support Five Star’s growth strategy across the Southeast — including organic expansion and add-on acquisitions — while financing was provided by Ares Capital Corporation and Varagon Capital Partners.

Huron Capital-backed platform Ronnoco Coffee has acquired Beverage Solutions Group, a Tennessee-based provider of beverages and foodservice/convenience-store equipment. The add-on expands Ronnoco’s national footprint and distributor relationships, deepening its presence in convenience stores, foodservice locations and offices across the U.S.