Felbro Food Products, a food and beverage manufacturer, has been recapitalized by Felbro Culinary Specialties, a newly formed portfolio company of Clover Capital Partners and Evanston Partners. Also included in the investment group are members of the company’s management team and the founding Feldmar family.
Felbro Food specializes in the development, blending, packaging, and distribution of liquid and dry blended foods, including beverages, desserts, syrups, sauces, and soups.
The company’s customers include quick-service restaurants, coffee and donut chains, national retailers, grocery chains, foodservice ingredient suppliers, and distributors. Felbro Food was founded by brothers Maury and Sid Feldmar in 1946 and is headquartered in Los Angeles with an additional production facility in Compton, California.
With the close of the transaction, Janet Caldwell is now president of Felbro Food. She was previously CFO of The Gill Corporation, a California-based aerospace materials manufacturer, and held senior roles at Popchips, a maker of popped snack chips, and Filtec, a food inspection equipment manufacturer formerly owned by SFW Capital Partners. From 2002 to 2013, she served as CFO and COO of Kronos Foods, a Chicago-based food manufacturer and former Prospect Partners portfolio company.
Another member of the senior management team is Chief Commercial Officer Daniel Feldmar, a third-generation family member and grandson of one of the founders. Mr. Feldmar has been with Felbro Food since 2007, previously holding roles as Director of Purchasing and Product Development from 2007 to 2009, Head of Business Development from 2010 to 2013, and Chief Operating Officer from 2014 to 2024.
“The recapitalization led by Clover Capital and Evanston Partners will help Felbro accelerate growth while upholding the legacy of our family business,” said Mr. Feldmar. “The Felbro team is excited for this new chapter in our long history.”
Clover Capital makes control investments in profitable food and beverage manufacturing companies with annual revenues of up to $100 million. Through its venture capital affiliate, Clover Vitality, the firm also invests in high-growth startup food and beverage companies. Clover Capital was founded in 2011 by David Choe and Alex Schneider and is headquartered near Chicago in Evanston, Illinois.
Evanston Partners invests in lower middle-market companies with revenues ranging from $5 million to $20 million and EBITDA of at least $500,000. While the firm invests across various industries, it has specific expertise in food and food-related manufacturing and distribution, packaging, and niche consumer products and services. Evanston Partners, led by Managing Members Bill Glastris and Jeff Ellis, is headquartered near Chicago in Evanston, Illinois.
Debt financing for the transaction was provided by Proterra Investment Partners. CenterPoint M&A Advisors served as the financial advisor to Felbro Food.
© 2025 Private Equity Professional | March 7, 2025
