AUA Private Equity Partners has completed the sale of Western Smokehouse Partners, a manufacturer of better-for-you protein snacks, to Monogram Capital Partners.
Western Smokehouse Partners is a contract and branded manufacturer of all-natural meat sticks, jerky, and high-protein snacks with a portfolio of co-manufactured, private label, and branded products. The company’s beef, turkey, chicken, and pork products are available in sticks, bites, and strips and include organic, non-GMO, plant-based, and free-range options.
Source: Western Smokehouse Partners
Western’s customers include national retailers, health-conscious food brands, and convenience store distributors. The company, led by CEO Matt Bormann, was founded in 1978 when Sam Western founded Western’s Smokehouse in Greentop, Missouri, and Jim Hankes founded Thrushwood Farms Quality Meats in Galesburg, Illinois. Today, Western operates five facilities: four in Missouri and Illinois, and one in Idaho.
Monogram Capital Partners and Charis Consumer Partners formed Western Smokehouse in 2018 to acquire Western’s Smokehouse. In 2019, the company added on with the buy of Thrushwood Farms, and in 2020 added on again with the acquisition of Prairie Sky Snacks, a Springfield, Illinois-based contract manufacturer of meat snacks, from the founding Turasky family. AUA acquired a majority interest in Western from Monogram and Charis in March 2023, with Monogram maintaining a minority equity interest.
Source: Western Smokehouse Partners
Since acquiring its majority stake in Western in 2023, AUA backed several strategic initiatives, including opening a new facility, completing three major expansions, and acquiring Golden Valley Natural, a producer of natural meat snacks, in June 2024. Today, Western has more than 1,300 employees and more than 1,000,000 square feet of production capacity.
The meat snacks industry is growing rapidly, valued at $10.7 to $12.4 billion in 2024 and projected to reach up to $31 billion by 2034 (Precedence Research). Meat stick sales in the U.S. alone hit $3 billion in 2024, fueled by snackification trends and demand for high-protein, clean-label snacks—over 60% of consumers now seek protein-rich options (FoodNavigator-USA). Within the sector, companies are innovating with organic, non-GMO, and plant-based offerings, with nearly 40% of consumers showing interest in the latter (Innova Market Insights).
“Western’s trajectory over the last few years has been extraordinary and we are proud of what we have accomplished during our partnership,” said David Benyaminy, a partner at AUA. “This success is a testament to the integrity and discipline of Western’s outstanding management team, who executed on every growth initiative to achieve our joint goals ahead of expectations and best-position Western for the next phase of its evolution.”
AUA Private Equity Partners makes equity investments from $40 million to $100 million in companies with at least $10 million of EBITDA. Sectors of interest include consumer products and services focusing on family-owned and Hispanic-oriented businesses. AUA is known for using low leverage to acquire companies and focusing on operational improvements rather than financial engineering to create stakeholder value. AUA was founded in 2011 and is headquartered in West Palm Beach, Florida.
The transaction team at AUA was led by Mr. Benyaminy, with support from vice presidents Brian Krouskos and Nicolas Pflaum, and senior associate Trip Ewig.
“We have greatly enjoyed working with the AUA team over the last two years to scale the Western platform and are excited to further invest behind and support rapid growth in the business moving forward,” said Jared Stein, a partner at Monogram.
Monogram invests up to $75 million of equity in companies with revenues of $5 million to $250 million. Sectors of interest include food and beverage, beauty and personal care, pet products, manufacturing, and multi-location businesses. Monogram was founded in 2014 and is headquartered in Beverly Hills, California.
Harris Williams was the financial advisor to AUA on this transaction.
AUA Private Equity Partners has completed the sale of Western Smokehouse Partners, a manufacturer of better-for-you protein snacks, to Monogram Capital Partners.
“Western’s trajectory over the last few years has been extraordinary and we are proud of what we have accomplished during our partnership,” said David Benyaminy, a partner at AUA. “This success is a testament to the integrity and discipline of Western’s outstanding management team, who executed on every growth initiative to achieve our joint goals ahead of expectations and best-position Western for the next phase of its evolution.”
