New Water Capital has acquired Dutch Gold Honey, a producer of ethically sourced honey and one of the largest independent honey packaging businesses in the country.
Dutch Gold’s product line includes a range of honey varieties, including Clover Honey, Orange Blossom Honey, and Wildflower Honey, which are sold through consumer and foodservice channels.
Dutch Gold’s honey is also used as an ingredient in products such as salad dressings, cereals, yogurts, and sauces. Dutch Gold’s honey and syrup products are available in bulk and are also manufactured under private label agreements.
Included in this transaction are Dutch Gold’s affiliated companies and brands, including McLure’s Honey & Maple Products, Gamber Container Company, The Bacon Jug Company, and DGH Logistics. These sister companies and brands provide private labels services, packaging, transportation, and additional product lines to support Dutch Gold’s operations.
Dutch Gold was founded in 1946 by Ralph and Luella Gamber and is headquartered in Lancaster, Pennsylvania. The company is known for pioneering the squeezable plastic honey bear container, which has become a widely recognized packaging format in the honey industry.
New Water acquired Dutch Gold through its second fund, New Water Capital Partners II LP, with the founding Gamber family retaining a stake in the business.
“For generations, we have been proud to set the standard for the highest quality honey across the country,” said Nancy Gamber, president of Dutch Gold. “As we enter our next phase of growth, we are confident that New Water is the right partner for us, as they truly understand our business, our heritage, and our unwavering dedication to delivering a superior product.”
“We are excited to announce the acquisition of Dutch Gold, a true pioneer and leader in the American honey industry,” said Nick LaRosa, a vice president at New Water. “For nearly 80 years, the Gamber family has consistently innovated and expanded its product portfolio and customer base while always focusing on quality and service. With consumers increasingly demanding food products that they can trust, Dutch Gold’s commitment to transparency and traceability from hive to table makes it a compelling platform and a superb investment opportunity.”
The U.S. honey market is expanding due to increasing consumer demand, driven by the rising popularity of natural sweeteners, organic honey, and raw honey. The growth in functional foods and clean-label products has further bolstered interest in honey as an ingredient. Sales are projected to grow from $3.1 billion in 2024 to $4.8 billion by 2033, reflecting a compound annual growth rate (CAGR) of 4.9%. While the U.S. produced approximately 202,000 tons of honey in 2022, domestic consumption far exceeds this figure, with Americans consuming 450,000 tons of honey annually.
The acquisition of Dutch Gold represents New Water’s sixth investment in the consumer products sector in recent years, following investments in Klosterman Baking Company (July 2022), Trillium Health Care Products (August 2018 to August 2024), Custom Made Meals (April 2017 to May 2021), The Perfect Bite Co (September 2018), and Pegasus Foods (March 2018).
“This transaction underscores the firm’s focus on investing in family- and founder-led businesses with significant growth potential,” said Jason Neimark, a partner at New Water. “We look forward to accelerating Dutch Gold’s momentum through additional investments in capacity, operational systems, and organizational resources, as they meet increasing consumer demand for natural sweeteners, particularly organic and raw honey.”
New Water invests in lower middle-market companies with revenues between $30 million and $300 million that are active in the consumer, retail, and industrial manufacturing and services sectors. The firm was founded in September 2014 and is based in Boca Raton, Florida.
© 2025 Private Equity Professional | March 4, 2025
