CenterGate Capital has acquired Teeny Foods, a manufacturer of frozen baked snacks and handheld foods.
Teeny Foods is a developer and contract manufacturer of frozen, filled baked snacks and handheld meals – sticks, bites, pull-aparts, and calzones – in a variety of dough flavors, product shapes, fillings (including cheese and fruit), and topicals. The company’s products, sold by branded food manufacturers through foodservice and retail grocery channels, are available in individual oven/microwave safe wrappers, multipacks, resealable pouches, and bulk packaging formats. Teeny Foods was founded by the Teeny family in 1964 and is headquartered in Portland, Oregon.
“We are very proud of the 55+ year legacy we have built at Teeny Foods and are excited about the future growth opportunities of the business under CenterGate’s ownership,” said President Rick Teeny, the son of founder Sam Teeny. “We believe CenterGate will be a great partner in carrying on the legacy for many years to come.”
“We are excited about our partnership with CenterGate and what it means for our employees, customers, and vendors,” said General Manager Darryl Abram, who will continue to lead Teeny Foods in partnership with CenterGate. “CenterGate’s investment will provide us with the capital and strategic resources to continue to grow while maintaining our focus on the highest quality products and exceptional customer service.”
“The Teeny Foods investment is another example of CenterGate partnering with a successful, family-owned business,” said Jeff Kovick, a managing director at CenterGate. “The Teeny Foods management team has built a great business with a reputation for fanatical customer service and innovative products that we are excited to support through its next stage of growth.”
Austin-based CenterGate invests in lower middle-market companies that have from $20 million to $250 million of revenue and up to $20 million of EBITDA. Sectors of interest include business services, industrials, energy services, consumer, and healthcare. In December 2016, the firm held an above target and oversubscribed final closing of CenterGate Capital Partners I LP with $350 million of capital commitments.
© 2021 Private Equity Professional | September 1, 2021
