Joseph’s Frozen Foods Switches Sponsors

Brynwood Partners has sold Joseph’s Frozen Foods to LaSalle Capital. Brynwood acquired Joseph’s from Nestlé Prepared Foods Company in December 2013 through its seventh fund.

Joseph’s is a manufacturer and marketer of frozen stuffed pasta and sauces for independent restaurants, national chains and the foodservice, retail and industrial segments. The company’s products include stuffed cannelloni, stuffed ravioli, stuffed tortellini, gnocchi, and manicotti.

Joseph’s also provides a range of private label pasta-centric frozen foods and co-manufacturing services. The company operates a 160,000 square foot manufacturing facility north of Boston in Haverhill, MA.

“We are delighted to announce the sale of Joseph’s to LaSalle Capital,” said Henk Hartong, chairman and CEO of Brynwood.  “We are very pleased with the outcome of this transaction. Under Brynwood VII’s ownership, we worked closely with management to transform Joseph’s from a business that primarily focused on providing high quality, frozen stuffed pasta products, to one that provides a broad range of meal solutions including the expansion of the company’s product offerings into frozen meals and other meal kits.  We look forward to watching the business continue to evolve and grow under LaSalle Capital’s ownership.”

Chicago-based LaSalle Capital makes control investments of $10 million to $20 million in companies with revenues from $20 million to $100 million and EBITDA greater than $3 million. Sectors of specific interest include food and beverage, and technology-enabled business services.

“We are grateful to the over 200 employees of Joseph’s for their dedication to the business and commitment to making some of the finest frozen cuisines available,” said Ian MacTaggart, president, CFO and COO of Brynwood. “We wish LaSalle Capital and Joseph’s management continued success.”

Brynwood is an operationally focused firm that makes control investments in North American-based lower middle-market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector. Since its founding in 1984, Brynwood has acquired more than 50 brands from 20 different corporate sellers. In January 2018, Brynwood held a final close of its latest fund, Brynwood Partners VIII LP, with $649 million of committed capital. Brynwood currently has $1.1 billion of total capital under management and is based in Greenwich, CT.

Piper Jaffray & Co. was the financial advisor to Joseph’s and Holland & Knight provided legal services.

© 2019 Private Equity Professional | October 23, 2019

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