Burlington Capital Partners (BCP) has sold Sokol Custom Food Ingredients to Solina, a France-based global provider of ingredient solutions for the food industry. BCP acquired family-owned Sokol in September 2022.
Sokol manufactures and formulates custom and standard wet-fill, liquid food ingredient products, including sweet and savory sauces, almond paste, and anchovy paste. The company’s customers include food manufacturers, consumer packaged goods (CPG) companies, quick-service restaurants (QSRs), and foodservice providers.
Sokol was founded in 1895 by Czech immigrant John Sokol. Today, the company is led by CEO Shawn Sullivan, has over 100 employees, and operates out of a manufacturing plant and headquarters facility near Chicago, in Countryside, Illinois.
“I am grateful for BCP’s tremendous support and partnership over the last two and a half years,” said Mr. Sullivan. “Together we grew Sokol through a focused go-to-market strategy, strategic divestitures, and a customer-first culture. Sokol is well-positioned to continue serving our customers, employees, and stakeholders, and the team and I look forward to continuing to scale the platform in our next phase of growth.”
“Sokol is an excellent example of BCP’s commitment to being strong partners and stewards of family-owned businesses,” said Tim Novak, a partner at BCP. “In close partnership with Sokol management, we were able to strengthen and further professionalize a business with a long history and great reputation.”
Solina provides taste, texture, and functional ingredients for the foodservice, quick-service restaurant, and nutrition sectors. The company’s products include seasoning blends, marinades, coating systems, and culinary pastes used by food manufacturers, chefs, and foodservice operators to develop ready-to-eat meals, meat products, plant-based alternatives, and snacks.
Solina was acquired in June 2021 by Astorg, a Luxembourg-based private equity firm, from Paris-headquartered Ardian. The company has expanded through acquisitions, including Illinois-based Asenzya (October 2021), Illinois-based Saratoga Food Specialties (January 2022), and New Jersey-based Advanced Food Systems (December 2024).
Today, Solina has more than 4,000 employees, operates 44 production sites across 19 countries, and serves customers in over 75 countries. In the United States, Solina has five production sites in California, Illinois (2), Nevada, and New Jersey. Solina, led by CEO Anthony Francheterre, was founded in 1980 and is headquartered near Rennes, in Bréal-sous-Montfort, France.
“Leveraging Sokol’s sweet sauce capabilities will round out and enhance our offerings,” said Michael Marks, the president of Solina USA. “This acquisition reinforces our commitment to savory sauce solutions while also pursuing the sweet sector, as we focus on being the leading ‘one-stop shop’ for liquid flavor solutions for our customers.”
BCP makes control investments in U.S.-based lower middle-market, founder- or family-owned businesses that have a minimum of $2 million in EBITDA. Sectors of interest include food and beverage, manufacturing, value-added distribution, business and industrial services, tech-enabled services, maintenance and repair, certification and testing, brand management, software, and eCommerce. BCP has offices in Chicago and Cleveland.
“This was a terrific partnership, and we are extremely thankful to Sokol’s management team and employees for helping us deliver a strong outcome for our investors,” concluded Michael Baldwin, a partner at BCP.
Astorg invests in U.S. and European-based companies with enterprise values ranging from €100 million to €500 million. The firm invests across a range of industries but has a specific focus on technology-based industrial companies, healthcare, and business-to-business professional services. Astorg has assets under management of over €23 billion and has offices in London, Paris, New York, Luxembourg, Frankfurt, and Milan.
Cascadia Capital served as the financial advisor to Sokol on this transaction.
© 2025 Private Equity Professional | February 11, 2025
