Epicurean Butter Partners with HCPI

HC Private Investments (HCPI) has acquired Epicurean Butter Company in partnership with the company’s founders.

Epicurean Butter produces branded and private label flavored butter products that are sold through the foodservice and grocery store channels. The company’s products include 15 flavors of butters including chili lime, cinnamon and brown sugar, cranberry orange, garlic parmesan, and lemon garlic herb.

Epicurean was founded in 2004 by Janey and John Hubschman and is headquartered near Denver in Federal Heights, CO. As part of this transaction, the Hubschman’s are remaining in senior leadership roles and maintaining a significant minority ownership stake in the company in partnership with HCPI.

“We are thrilled to be partnering with Janey and John to support Epicurean’s tremendous growth and to broaden its appeal among both new and existing customers,” said John Kelly, a managing partner at HCPI. “As a category, finishing butter remains in its infancy and we are seeking to capitalize on broader market adoption and expand the company’s market share as consumer demand for premium, high quality, clean label products continues to increase.”

With the transaction closed, two HCPI operating partners will join the company’s management team and the board of directors. Tony Engel, who held executive roles at Wild Oats, Whole Foods and Agrium will join as CFO; and Tom Maddi, who held executive roles at Barilla Pasta and Dawn Foods, will join the company’s board of directors.

HC Private Investments makes investments between $5 million and $30 million in lower-middle market manufacturing companies ranging in size from $10 million to $100 million in enterprise value. Sectors of interest include consumer and industrial. Chicago-based HCPI was formed in June 2017 by HC Technologies, a Chicago-based financial trading firm, and is led by its managing partners John Kelly and Matthew Moran. Mr. Kelly was previously a vice president with The Tokarz Group Advisers/MVC Capital and Mr. Moran was a vice president at Wind Point Partners.

Signature Bank provided debt financing for this transaction and Integris Partners was the financial advisor to Epicurean Butter.

© 2019 Private Equity Professional | September 5, 2019

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