The Riverside Company has acquired Nustef Foods, a maker of pizzelle waffle cookies and crackers sold under the Reko brand name.
Nustef sells its products to customers in the grocery, mass, club and foodservice channels across the US and Canada. The company was founded in 1985 by Ces Nucci and is led by CEO John Flanagan. Nustef is based near Toronto in Mississauga, ON (www.pizzellecookies.com).
Pizzelle cookies are a delicate, baked fresh-to-order and lower-calorie segment in the growing specialty cookie space. The recipe dates back centuries to the Abruzzo region of central Italy. The name comes from the Italian word for “round” and “flat” (pizze); this is also the meaning of the word pizza.
“Ces Nucci founded Nustef to share his Italian family recipe throughout North America and today it is the largest producer of pizelles on the continent,” said Riverside Managing Partner Suzy Kriscunas. Nustef makes more than 2 million pizzelle cookies daily.
Riverside Senior Food & Beverage Advisor Richard Lan, who has experience in both Canadian baked goods manufacturing and expanding smaller producers, will work with the Riverside team and Nustef’s management team on a number of growth initiatives. “We’re extremely excited about working with Nustef,” said Mr. Lan. “This company has enormous potential to add customers, produce new product lines, and operate more effectively.”
“Nustef has been capacity constrained and Riverside sees numerous ways to grow, professionalize and improve the business,” said Riverside Partner Meranee Phing. “With a unique product and strong value proposition for retailers, we see a tremendous opportunity to further expand Nustef through increased investments in distribution, product innovation and marketing. We can help Nustef quickly expand its customer base, and provide the support needed to increase production while gaining efficiency and maintaining quality.”
Working with Ms. Kriscunas, Ms. Phing and Mr. Lan on this transaction were Senior Associate Caroline Shettle and Associate Jon Gross.
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 450 transactions. The firm’s international portfolio includes more than 80 companies. The firm is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
© 2017 Private Equity Professional | January 25, 2017
