Stir Foods Group, a portfolio company of Wind Point Partners, has acquired Celtrade Canada, from Argosy Partners.
Celtrade is a private label and contract manufacturer of sauces, dressings and condiments for retail and foodservice customers. The company, led by CEO Chris Bouchard, was founded in 1990 and operates an SQF (Safe Quality Foods) certified 56,000 square foot facility in Toronto. Argosy acquired Celtrade in August 2009 through its Succession Fund.
Wind Point formed Stir Foods in partnership with CEO Milt Liu in December 2017 to acquire Pacifica Foods and Stir Foods, two California-based custom food manufacturers.
The buy of Celtrade is the third add-on acquisition for Stir Foods and follows the April 2019 buy of VanLaw Food Products, a Fullerton, California-based contract and private label manufacturer of dressings, sauces, marinades, glazes, and beverage bases sold to retail and foodservice customers; and the September 2018 buy of the Oceanside, California-based salsa business of Sabra Dipping Company.
Today, Stir Foods is a custom manufacturer of soups, sauces, dressings, and fresh salsas for both retail and foodservice customers. The company is headquartered in Orange, California and operates five California-located SQF production facilities.
According to Wind Point, the combination of Stir and Celtrade creates a more diversified custom sauce and dressing platform with redundant manufacturing capabilities across multiple geographies. “The acquisition of Celtrade has become a key component of our value creation plan and boosts Stir’s ability to serve our customers with an enhanced culinary staff and a more diversified geographic footprint,” said Joe Lawler, a managing director with Wind Point.
Chicago-based Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. Wind Point is currently investing out of Wind Point Partners IX LP which began fundraising in 2019.
“We are proud to have been a part of Celtrade’s evolution to become a leader in its niche and we are confident that the combination of Stir Foods, Chris Bouchard and his team will build on Celtrade’s already impressive track record,” said Larry Klar, a partner at Argosy.
Toronto-based Argosy Partners invests in manufacturing, distribution or service companies that revenues greater than C$15 million and earnings before interest of at least C$2 million.
Toronto-based investment bank Osprey Capital Partners was the financial advisor to Celtrade on this transaction.
© 2020 Private Equity Professional | February 19, 2020
