Blue Point Capital Partners has acquired Italian Rose Gourmet Products, a manufacturer and distributor of salsas, dips, sauces and spreads. The buy of Italian Rose is the ninth platform investment for Blue Point’s third fund which closed in November 2014 at the hard cap of $425 million.
Italian Rose’s products, which include salsas, minced garlic, horseradish, ginger, prepared sauces, dips, and marinades, are distributed and sold to major food retailers and through the foodservice channel. The company was founded by the Berger family in 1979 and is headquartered in West Palm Beach, FL (www.italian-rose.com).
“Italian Rose brings with it the best in fresh gourmet food products, and partnering with Blue Point will allow the company to build on its strong track record of delivering the freshest and highest quality products on the market,” said Angelo Fraggos, an Operating Executive with Blue Point and newly appointed CEO of Italian Rose. “We see strong opportunities to broaden the company’s market presence through a consumer-driven strategy centered on research and innovation.”
“We are pleased to be able to invest alongside the founders and current management to support Italian Rose in building on its long history in the food industry. We were drawn to the company’s leading position with fresh, better-for-you products and believe Italian Rose is an excellent addition to the Blue Point portfolio,” said John LeMay, a Partner with Blue Point.
Blue Point Capital Partners is a lower middle market private equity firm that invests in manufacturing, distribution and service businesses that have from $20 million to $200 million in revenue and EBITDA greater than $5 million. The firm has over $800 million in committed capital and has offices in Cleveland, Charlotte, Seattle, and Shanghai (www.bluepointcapital.com).
“As the company’s first institutional investor, and with strong relevant operating executive support, we are excited about our ability to further build Italian Rose’s market leadership within its segments. As the food industry continues to evolve and consumers demand more fresh and unique products, Italian Rose has the right recipe for continued growth. We’re excited to partner with this outstanding company and team,” said Jon Pressnell, a Principal with Blue Point.
© 2017 Private Equity Professional | November 20, 2017
