Roch Capital has acquired New Carbon Company, a provider of waffle and pancake mixes and a portfolio company of PNC Riverarch Capital, which acquired the company in April 2012.
New Carbon Company is a provider of waffle and pancake mix to restaurants, hotels, colleges, and other foodservice establishments. New Carbon provides its Golden Malted brand waffle mix, along with waffle irons and related maintenance, to over 40,000 customer locations throughout North America. The company’s customer base includes national restaurant chains and lodging operators, as well as independent restaurants and hotels. New Carbon pioneered the “Waffle Program,” whereby customers are provided a complimentary waffle iron and subsequent maintenance in exchange for an agreement to purchase waffle mix exclusively from the company. The company was founded in 1937 and is headquartered in South Bend, IN (www.goldenmalted.com).
“We have enjoyed a successful partnership with PNC Riverarch Capital and are now excited to partner with Roch Capital,” said Rick McKeel, New Carbon CEO. “After working with PNC Riverarch Capital to acquire our independent distributors and to introduce a number of new products, New Carbon is well positioned to deliver continued growth under Roch Capital ownership. We look forward to working with our new partners at Roch Capital.”
Roch Capital, formerly RAA Management, is part of a portfolio of companies headed by Rocco Abessinio, the founder of Delaware-based Applied Bank. The firm seeks private equity investments where it can deploy capital in excess of $50 million. Roch Capital is headquartered in near Philadelphia in Glen Mills, PA (www.rochcap.com).
PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. It seeks to invest from $10 million to $50 million per transaction in support of recapitalizations, leveraged and management buyouts, corporate divestitures, and growth financings. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. Since 1982, PNC Riverarch and its predecessors have provided over $1 billion in capital to more than 100 companies. The firm is based in Pittsburg (www.riverarchcapital.com).
PNC Riverarch Capital is a division of PNC Capital Finance, which is a wholly owned indirect subsidiary of The PNC Financial Services Group (www.pnc.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-13-14
