Brynwood Partners has acquired Joseph’s Pasta Company from Nestle Prepared Foods Company. Brynwood Partners has now completed five acquisitions from Nestle and this transaction marks the first buy for Brynwood’s seventh investment fund which closed in September 2013 with $400 million of committed capital.
Joseph’s Pasta Company is a manufacturer and marketer of frozen stuffed pasta for the foodservice segment. Products include stuffed cannelloni, stuffed ravioli, stuffed tortellini, gnocchi, and manicotti. The company operates a 150,000 square foot facility in Haverhill, MA (headquarters) and has approximately 300 employees (www.josephsgourmetpasta.com).
“We are pleased to announce the acquisition of Joseph’s from Nestle,” said Henk Hartong, Senior Managing Partner, Brynwood Partners. “Joseph’s manufactures delicious and unique products in its state-of-the-art manufacturing facility. We are excited about the opportunity to accelerate innovation and explore new distribution channels. We look forward to investing in the business and working with Joseph’s loyal and talented employees to grow and enhance the business.”
Brynwood has an established track record in the frozen food space. One of Brynwood Partners’ most successful investments was in Richelieu Foods, a private label manufacturer of frozen pizza and salad dressings. Richelieu Foods was a portfolio company of Brynwood Partners V and was sold in 2010 to Centerview Partners. “We had a great deal of success with Richelieu Foods in the frozen food space in both the retail and foodservice channels,” said Mr. Hartong. “We hope to be able to utilize some of that experience in the Joseph’s investment.”
Brynwood Partners is an operationally-focused private equity firm that makes control investments in consumer focused lower middle market companies. Brynwood Partners has $900 million of capital under management. The firm was founded in 1984 and is based in Greenwich, CT (www.brynwoodpartners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-6-14