Gilman Cheese Company, a portfolio company of Borgman Capital, has acquired Dairyfood USA, a maker of branded and private label extended shelf-life cheeses.
Dairyfood’s products include bulk and single-serving cheeses including snack wedges, portion-control cups, dips and spreads. According to the company, it is the largest supplier of smoked Gouda in the United States.
Dairyfood’s customers are active in the gift-packing, transportation, snack, foodservice, club store, and retail sectors. Company-owned brand names include Queso de Casa, Glacier Ridge Farms, and Sonoma Jacks. Dairyfood is led by CEO Daniel Culligan and is headquartered 30 miles west of Madison in Blue Mounds, Wisconsin.
“Throughout the selling process, it became distinctly obvious that Borgman Capital was the right choice to lead Dairyfood in its next chapter. The professionalism, honesty and genuine respect for our team and culture is what set them apart from other buyers,” said Mr. Culligan, president and CEO of Dairyfood.
Gilman Cheese produces and packages shelf-stable processed cheese for the gift pack, retail, and airline sectors and also produces natural and processed smoke cheeses. The company has more than 180 employees and produces more than 1.6 million pounds of processed cheese per month through more than 450 different products.
Gilman Cheese, led by CEO David Delgado, is headquartered in the northern Wisconsin city of Gilman. The company was founded in 1948 as Drangle Foods – its name was changed to Gilman Cheese in 2010 – and was acquired by Borgman Capital in March 2019.
Borgman Capital invests in companies with revenues of $5 million to $75 million and EBITDA from $500,000 to $10 million. The firm invests across a range of industries and prefers to invest in companies located in the Central and Eastern United States. Borgman Capital is an independent sponsor with funding for acquisitions coming from personal equity, accredited investors, and family offices. The firm is led by its managing directors Sequoya Borgman, David Bartelme and Michael Pepke and is headquartered in Milwaukee.
“The people, products and legacy of Dairyfood offer a wealth of benefits to Gilman Cheese,” said Mr. Borgman. “We are excited about the synergies and growth opportunities ahead.”
Old Second Bank provided senior financing and Medallion Capital provided subordinated financing for this transaction.
© 2022 Private Equity Professional | June 21, 2022
DBHCAP and Tides Capital have acquired Salvo Technologies, a developer and manufacturer of photonics products used in cameras, imaging systems and sports accessories.
“We couldn’t be more excited to partner with a world-class organization like Salvo that provides a differentiated value proposition to its global customer base,” said Mr. Henry. “Salvo is uniquely positioned to capitalize on the strong secular growth trends driving photonics content across the diverse end markets it serves.”
Atlas Holdings has acquired Foster Farms, a provider of fresh, frozen, and prepared poultry products, from entities associated with the founding Foster family.
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“I love the poultry industry and am proud that Atlas has asked me to become the CEO of Foster Farms,” said Mr. Smith. “I’ve long been an admirer of the Foster family and the business they’ve built over the past eight decades. In this new era, we will maintain and further that legacy, rooted in animal welfare, superior product quality, customer service and community engagement.”
Milestone Partners has formed Drive Assurance as a specialty automotive insurance holding company and has completed its first transaction with the buy of GoAuto, a provider of personal automotive insurance, and its affiliated technology platform, Adaptive Information Technologies (AIT).
“We are excited to partner with Milestone during this next stage of growth,” said Mr. Tramontin. “Given their targeted sector focus on financial technology companies and robust experience in automotive financial services, we are confident that together we will continue to provide best-in-class vehicle protection products and customer service to our valued policyholders.”
“GoAuto’s proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader,” said Adam Curtin, a partner at Milestone. “We look forward to working with the management team on executing their strategic initiatives.”