TA Associates has acquired Stonewall Kitchen, a distributor of specialty food and home goods products, from Audax Private Equity.
Stonewall Kitchen is a manufacturer, retailer and wholesaler of sauces, pasta, condiments, crackers, jams and jellies, spices, syrups, and baking mixes. In addition to its Stonewall Kitchen brand, other company-owned brands include Tillen Farms (pickled vegetables and cocktail cherries); Napa Valley Naturals (olive oils, culinary oils, balsamic vinegars, and wine vinegars), Montebello (organic pasta), and Legal Sea Foods (seafood sauces and condiments). The York, Maine-based company has more than 8,500 wholesale accounts internationally and operates 11 retail locations in New England.
Stonewall was acquired by Audax in 2019 and during its ownership term Stonewall acquired five companies including Vermont Village, a Vermont-based maker of organic applesauce and apple cider vinegars (October 2019); Village Candle, a Maine-based maker of fragranced candles and gifts (February 2020); Urban Accents, a Chicago-based maker of spices, seasonings, and sauces (March 2021); Vermont Coffee Company, a Vermont-based maker of organic arabica coffee (March 2021); and Michel Design Works, a New York state-based maker of bath and body products (November 2021).
“Since day one, Audax has been aligned with and supportive of our growth strategy, mission, and core values,” said John Stiker, the CEO of Stonewall. “One of the reasons we were excited to partner with Audax was their focus on a buy and build strategy. We have transformed the company from a primarily standalone brand to a family of brands within specialty food and home goods.”
“Stonewall is an iconic brand, and we were honored to partner with John Stiker and the entire Stonewall management team to help grow the business,” said Jay Mitchell, a managing director at Audax. “Between add-on acquisitions and organic growth, the company more than tripled in size over the past three years. We have enjoyed each day of our partnership with the entire Stonewall Kitchen team, and we look forward to following the company’s continued success for many years to come.”
Audax invests in middle-market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure, and building materials. Audax, with offices in Boston, New York, and San Francisco, is currently investing out of its $3.5 billion, sixth private equity fund.
“As longtime fans of the Stonewall Kitchen brand and its delicious products, we’re excited to invest in the company’s journey and partner with John and the entire management team,” said Bill Christ, a managing director at TA. “The culture and business practices at Stonewall Kitchen align closely with TA’s own philosophy and values, and we believe that we can transform the company together into an even more substantial enterprise.”
TA Associates makes equity investments of $75 million to $500 million in middle-market growth companies that are active in technology, healthcare, financial services, consumer, and business services. In April 2019, TA held a first, final, and hard cap closing of its thirteenth fund, TA XIII LP, with total capital commitments of $8.5 billion. The firm was founded in 1968 and has more than 85 investment professionals with offices in Boston, Menlo Park, London, Mumbai, and Hong Kong.
Harris Williams served as lead financial advisor and Robert W. Baird served as a co-advisor to Stonewall Kitchen on this transaction.
© 2022 Private Equity Professional | March 22, 2022
