Huron Capital Partners has acquired Ronnoco Coffee, a manufacturer and distributer of coffee, tea and related products. This investment was made through the firm’s $350 million third fund which was raised in 2008.
Ronnoco Coffee is a manufacturer and distributer of coffee, tea and related products sold to convenience stores, foodservice outlets and offices throughout the central United States. The company was founded in 1904 and is based in St. Louis, MO (www.ronnoco.com).
“With a solid management team in place, significant excess capacity, and several avenues for continued growth, we believe Ronnoco is a solid platform on which to build,” said Huron Partner John Higgins. “We are excited to be partnering with the Ronnoco team and working with them in growing the business going forward.” Huron Capital Partners plans to continue to grow the business through geographic expansion, new product offerings and acquisitions.
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $300 million and EBITDAs of $5 million or more. Typical transaction values are from $20 million to $200 million. Sectors of interest include niche manufacturing, distribution and business services. Since its founding in 1999, Huron has acquired or invested in 59 companies with aggregate revenues in excess of $1 billion. Investments have been made in the US and Canada in a variety of areas, including print solutions & document management, education, healthcare products & services, specialty chemicals, specialty packaging, consumer products, home décor, passenger transportation services, building products, office furniture components and laboratory testing. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices in Detroit and Toronto (www.huroncapital.com).
“The Ronnoco name has been synonymous with premium quality coffee and world-class customer service for its one-hundred plus year history. We are excited about our ability to build on this reputation while continuing to provide our customers with the same great products and service that they have come to expect in Ronnoco’s long history. Huron’s strong track record and experience in similar businesses makes them the perfect partner for us, and we are thrilled to be working together with them,” said Dan Moloney, President of Ronnoco.
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-5-12
