Food & Beverage Acquisitions in Wisconsin

PPC, a family investment firm based in Chicago, has acquired NaturPak, a Janesville, Wisconsin-based co-manufacturer of bone broths, soups, sauces, wet pet food and ingredient products. NaturPak's CEO Aaron Jackson will continue to lead the business as PPC supports growth through investments in R&D, product development, capability expansion and new packaging formats; terms were not disclosed.

Mrs. Gerry's Kitchen, a portfolio company of Sequel Holdings, has acquired Garden-Fresh Foods. Alantra acted as exclusive financial advisor to Garden-Fresh; the family owners (Tom and Vicki Hughes and their sons) and CEO John Colapinto will remain involved after the sale, and the deal brings together two prepared-salad manufacturers to expand scale and capabilities in refrigerated ready-to-eat foods.

Cal‑Maine Foods, Inc. (NASDAQ: CALM) has completed the all‑cash acquisition of Echo Lake Foods for approximately $258 million, with an expected tax benefit of about $28 million (effective purchase price ≈ $230 million). The purchase brings Echo Lake’s ~$240 million 2024 revenue business — a producer of ready‑to‑eat egg and frozen breakfast products — into Cal‑Maine’s portfolio to expand its value‑added egg product offerings and reduce earnings volatility through synergies and expanded customer relationships.

The Gellert Global Group has acquired Barron, Wisconsin‑headquartered Heartisan Foods, a manufacturer and distributor of branded and private‑label specialty and flavored cheeses, from Ronin Equity Partners and Landon Capital Partners. The acquisition consolidates Heartisan's Red Apple, Barron County Cheese and other assets with Gellert’s Atalanta platform to expand the buyer’s presence in the U.S. specialty cheese market.

Legacy Bakehouse, a Benford Capital Partners portfolio company, acquired the operating assets of Angelic Bakehouse from Lancaster Colony Corporation, including a 42,000-square-foot Cudahy, Wisconsin facility and production equipment. The acquisition roughly doubles Legacy's production capacity, provides redundant capabilities and supports expansion into tortillas and other adjacent snack products.

CoreFX Ingredients has acquired Wisconsin-based Connoils LLC, a maker of oil powders and specialty oil distribution, for an undisclosed sum. Connoils will operate under CoreFX’s business unit and partner with an oil distributor to manage bulk oils, complementing CoreFX’s powder-delivery and encapsulation capabilities to expand its Health through Nutrition platform.

Chicago-based Amylu Foods has acquired Klement's Sausage Co., a Milwaukee-based division of Tall Tree Foods. The deal brings the iconic Wisconsin sausage brand into Amylu's portfolio, expanding its product categories (including snack sticks and summer sausage) and increasing production capacity to support national distribution.

Full Glass Wine Co., a Los Angeles-based brand acquisition and management firm, closed a $14 million Series A led by Shea Ventures and acquired Bright Cellars, a direct-to-consumer subscription wine service headquartered in Milwaukee. The deal expands Full Glass Wine Co.'s DTC subscription portfolio (joining Winc and Wine Insiders) and supports the company's strategy to centralize operations, marketing, and technology across its multi-brand platform.

Archer Daniels Midland Company (ADM) agreed to acquire Revela Foods, a New Berlin, Wisconsin-based developer and manufacturer of dairy flavor ingredients and enzyme-based flavor technology. Revela, a portfolio company of New Heritage Capital since 2019, has roughly 400 employees and projected 2023 sales of about $240 million; the acquisition expands ADM's dairy and savory flavors capabilities and is expected to close in early 2024 subject to customary approvals.

Fengate Private Equity, partnering with Weathervane Investments and managing the investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada, has acquired Saco Foods Holdings, LLC from Benford Capital Partners. The Middleton, Wisconsin-based branded shelf-stable food company will continue to be led by CEO Tom Walzer, who retains a significant equity stake; the buyers plan to support growth through new product innovation, channel expansion and further platform-building acquisitions.

Asahi Europe & International (part of Asahi Group Holdings) has acquired Octopi Brewing, a contract beverage production and co-packing facility in Waunakee, Wisconsin. The deal adds a North American production site to support local brewing of Asahi Super Dry and other brands, enabling U.S. and Canada growth while reducing distribution-related emissions.

Johnsonville, a family-owned manufacturer of premium sausages, has purchased Salm Partners from Entrepreneurial Equity Partners. Salm Partners, a Denmark, Wisconsin-based contract manufacturer specializing in co-extruded, cook-in-package sausages and hot dogs, will join Johnsonville to expand manufacturing capabilities and product offerings.

Heartisan Foods, a Ronin Equity Partners-backed specialty cheese platform, has acquired North Country Packaging, a Barron County maker of cheese spreads and curds. The deal will triple Heartisan's manufacturing capacity, expand fulfillment for its Cheese Brothers e-commerce brand, and support new product launches; North Country co-founders Kendall and Maria Goossen will retain a meaningful stake in the combined business.

Columbia Grain International has launched consumer foods subsidiary Enrich Foods, LLC and completed its first acquisition by purchasing Great River Milling in Fountain City, Wisconsin. The acquisition adds organic and specialty flour, grains and co-manufacturing/private-label capacity — supporting Columbia Grain's expansion into retail and e-commerce consumer packaged foods under the Enrich Foods/Balanced Bushel portfolio.

Chicago-based private equity firm Benford Capital Partners has acquired Legacy Bakehouse, a Waukesha, Wisconsin-based developer and manufacturer of baked snack ingredients and the owner of the Pinahs brand. Benford will partner with Legacy President Peter Sardina, invest in operational capacity and sales capabilities, and pursue add-on acquisitions to grow the platform.

Dallas-based private equity firm Sky Island Capital has made a majority investment in Kaufhold's Kurds Inc., a family-owned Wisconsin manufacturer of hand-breaded frozen cheese curds. The Kaufhold family’s second generation will remain equity holders as Sky Island partners with management to support growth following a recent production expansion.

SBJ Capital completed an acquisition investment in Rishi Tea & Botanicals to accelerate the specialty tea brand’s growth and expand its channels and product capabilities. Graycliff Partners provided a unitranche debt facility and made a minority equity investment in support of the transaction; Rishi’s existing management team, including founder and CEO Josh Kaiser, remains in place.

V&V Supremo Foods, Inc., a family-owned producer of Mexican cheeses and other specialty products, has acquired Mill Creek Cheese, a family-owned cheese plant in Iowa County, Wisconsin. The acquisition allows V&V Supremo to expand production capacity and strengthen its presence in key retail and foodservice markets.

Milwaukee private equity firm Borgman Capital completed the add-on acquisition of Dairyfood USA, a specialty extended shelf-life cheese processor headquartered in Blue Mounds, Wisconsin. The acquisition will be integrated with Borgman’s platform company Gilman Cheese Corporation to expand product mix, increase production capacity and realize synergies across retail, foodservice and transportation customers.

Gilman Cheese Corporation has merged with Dairyfood USA to combine two Wisconsin specialty cheese processors and expand their product mix, including extended shelf-life and naturally smoked cheeses. The deal was announced as an add-on to Gilman’s PE-backed platform (sources reference Midwest Growth Partners and Borgman Capital in connection with Gilman) and aims to broaden capabilities and global distribution for processed cheese products.

On May 27, 2022, Pork King Good acquired The Porkie Company Of Wisconsin, a Cudahy-based pork rind manufacturer. The acquisition gives Pork King Good in-house manufacturing capacity to support national retail expansion, DTC growth and private-label programs, and makes the combined business a woman-owned pork rind manufacturer.

UPSIDE Foods, a Berkeley-based cultivated meat company, has acquired Cultured Decadence, a Madison, Wisconsin-based cultivated seafood startup. The acquisition brings Cultured Decadence's proprietary cell lines and feed technology into UPSIDE's multi-species platform to expand its seafood product portfolio and accelerate commercialization from UPSIDE's existing production and R&D infrastructure.

Main Street Gourmet has completed the acquisition of Meurer Brothers Bakery, a Wisconsin-based wholesale pastry manufacturer. The deal expands Main Street Gourmet's platform of premium wholesale bakeries (backed by Shore Capital) by adding Meurer Brothers' artisanal danish and pastry capabilities to better serve ISB, restaurant, club, and convenience customers.

Solina, a European savoury ingredients leader backed by private equity firm Astorg, has completed the acquisition of Asenzya Inc., a custom dry seasoning and flavour solutions provider headquartered in Oak Creek, Wisconsin. The deal gives Solina its first direct presence in the United States and expands its North American capabilities and customer reach; Asenzya has about 145 employees and annual sales of roughly $50 million.

Irish dairy cooperative Ornua has completed the acquisition of U.S. cheese ingredients manufacturer Whitehall Specialties Inc. (WSI) from private equity firm Mason Wells. The deal expands Ornua Ingredients North America's production footprint and capacity across Wisconsin, Minnesota and Pennsylvania to support its long-term growth in the U.S. cheese ingredients market.

A consortium led by Charlesbank Capital Partners with participation from Oaktree Capital Management, Blue Ribbon Partners and City Brewing management agreed to an equity investment to acquire 100% of City Brewing Company; the transaction was expected to close in April 2021. The recapitalization will fund a $630 million investment program to expand capacity, launch a West Coast facility (the Irwindale Brew Yard acquired from Pabst Brewing Company), and support leadership transitions and growth initiatives.

Haen Meat Packing, Inc., a family-owned full-service meat processor and retailer founded in 1959, was acquired by Greenville, Wisconsin-based The Meat Block. CLA served as exclusive financial advisor to Haen Meats; the transaction closed on February 26, 2021, with price and terms undisclosed. The sale transfers ownership from the Haen brothers to The Meat Block with the stated goal of preserving the family legacy and expanding service offerings for customers and employees.

Chicago-based private equity firm Entrepreneurial Equity Partners (e2p) has made a growth investment in Salm Partners, the largest U.S. contract manufacturer of fully cooked sausages and premium hot dogs. The Salm family remains a significant shareholder; financial terms were not disclosed. The investment will support Salm's next stage of growth and investments in additional technology and capabilities.

The Dohmen Company Foundation announced the acquisition of Milwaukee-based Focused Fork, a personalized whole-foods preparation and distribution and meal-delivery business. Dohmen said the purchase supports its shift from treatment to prevention by adding food-preparation and distribution capabilities to its health-focused, foundation-owned enterprise.

Centre Partners, a middle-market private equity firm, has made an investment in Wisconsin Cheese Group Holding, LLC (WCG), a manufacturer of branded and private-label Hispanic food products. Financial terms were not disclosed; Centre has installed Brian McInerney as CEO and Danette Bucsko as CFO to support expansion into new channels, categories and customers.

Insight Equity Holdings LLC has acquired Strauss Brands LLC, a family-owned producer of ethically raised specialty meats headquartered in Franklin, Wisconsin. The Strauss family retained a significant ownership stake and Randy Strauss remains CEO; Insight Equity will invest capital to build a new state-of-the-art processing facility, expand production capacity, and grow Strauss's retail and foodservice channels.

New Heritage Capital completed a minority recapitalization investment in Wisconsin-based Welcome Dairy Holdings, LLC, providing founders liquidity while leaving operating control with the reinvesting management team. Five Points Capital provided last-out unitranche term debt to support the transaction, which is intended to accelerate Welcome Dairy's growth by leveraging its R&D and manufacturing capabilities in dairy flavorings, cheese sauces, seasonings and functional cheese.

Lyons Magnus LLC, a Paine Schwartz Partners portfolio company, has acquired TRU Aseptics LLC, an aseptic beverage and ingredient manufacturer based in Beloit, Wisconsin. The acquisition expands Lyons Magnus' low-acid aseptic capabilities and product offering (including plant-based beverages, functional beverages and nutritional supplements) and will involve investments in TRU's team and facility as Lyons integrates the business as "Lyons TRU to Nature."

Borgman Capital completed a majority recapitalization of Gilman Cheese Corporation with subordinated debt and equity provided by Tecum Capital Partners; Johnson Bank provided senior debt and Midwest Growth Partners provided equity. Terms were not disclosed; Tom and Char Hand reinvested a significant amount of equity and Tom Hand remains CEO as the new investor group executes a collective growth strategy for the Gilman, Wisconsin–based processed cheese manufacturer.