Centre Partners has made an investment in Stonewall Kitchen, a specialty food producer and retailer. Stonewall Kitchen will continue to be managed by its existing team with the addition of Centre Operating Partner John Stiker who has been named the company’s new Chief Executive Officer.
Stonewall Kitchen is a manufacturer, retailer and wholesaler of specialty jams, sauces, crackers, pancake mixes and other food products. The company was founded in 1991 by Jonathan King and Jim Stott and is headquartered in York, ME (www.stonewallkitchen.com).
“I am excited to join the Stonewall Kitchen team, as this is a brand that I have personally loved for many years. I look forward to working with its strong team of dedicated employees to grow Stonewall Kitchen’s business, which has a very exciting future,” said Mr. Stiker, who previously held leadership positions in other food companies, including Bumble Bee Seafoods and Distant Lands Coffee.
Jonathan King will remain as Chief Creative Officer, Natalie King will remain in her position as Executive Vice President and Lori King has been promoted to President. “For almost 25 years, my partner Jim Stott and I have worked hard to build an authentic brand, focused on creating the highest quality and most innovative specialty foods,” said Mr. King. “As we pursue our next level of growth, we are pleased to partner with Centre Partners, which has a track record of being a great partner to management teams looking to grow their businesses in the food and beverage industry. We believe that the combination of Centre Partners’ resources and experience together with the expertise of our leadership team will position Stonewall Kitchen to achieve continued success.”
“We are excited to invest in Stonewall Kitchen and partner with Jonathan King and the rest of the executive team. The culture and business practices that Jon and Jim have developed are a great match with Centre’s own philosophy and values,” said David Jaffe, Managing Partner of Centre Partners.
Centre Partners invests from $20 million to $60 million in North American based middle market companies that have $50 million to $500 million in revenue and $10 million to $60 million in EBITDA. Sectors of interest include healthcare; industrial products and services; financial services; energy; media; restaurants; retail; and aviation services. The firm is currently investing through its sixth fund. Centre Partners was founded in 1986 and has offices in New York and Los Angeles (www.centrepartners.com).
Sawaya Segalas & Co. served as exclusive financial advisor to Stonewall Kitchen in connection with this transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 10-26-14
