Rotunda Capital Partners has acquired a majority stake in family-owned Siegel Egg Company, a wholesale distributor of bakery ingredients and other food products.
Siegel’s products include more than 2,300 SKUs of eggs, dairy, butter, and cheeses; granulated sugars, honey, molasses and syrups; bakery ingredients including fillings, extracts, and mixes; frozen fruit and vegetables; spices and condiments; and smoked fish and cured meats. The company’s customers include commercial, in-store, wholesale, and foodservice bakeries throughout New England and New York.
Siegel operates out of a 171,000 square-foot facility located 35 miles northwest of Boston in North Billerica, Massachusetts. The company was founded by Harry Siegel in 1924 and today is led by President Ken Siegel and Treasurer Amy Siegel Feld.
“We are excited to have found a partner in Rotunda that knows our industry and will continue to build on our tremendous growth,” said Mr. Siegel. “Together, we plan to enter new markets and geographies while staying true to our family culture.”
“We are thrilled to partner with Siegel and support the company in its next stage of accelerated growth,” said Corey Whisner, a partner at Rotunda. “The Siegel investment is a natural extension of Rotunda’s deep experience investing in the food distribution and logistics ecosystems.”
“We believe long-term market tailwinds, including an increased focus on supply chain simplification and reliability as well as growing demand for specialty bakery products, offer a unique opportunity to invest in a regional leader like Siegel,” said Dan Lipson, a partner at Rotunda. “We are eager to invest in the management team and work in partnership as we seek to drive value creation, accelerate organic growth and pursue add-on acquisitions.”
In addition to Mr. Whisner and Mr. Lipson, the Rotunda transaction team included Principal Rohit Dhake, and Vice President Brian Kim.
Rotunda invests in businesses with enterprise values of $30 million to $150 million. Sectors of interest include asset-light logistics, value-added distribution, specialty finance, and industrial and business services.
Rotunda was founded as an independent sponsor in 2009 and is led by managing partner John Fruehwirth, and partners Dan Lipson, Corey Whisner, and Bob Wickham. In January 2021, Rotunda closed its debut institutional private equity fund, Rotunda Capital Partners Fund II LP, with more than $195 million of capital commitments. Rotunda is headquartered in Bethesda, Maryland with an additional office near Chicago in Evanston, Illinois.
© 2022 Private Equity Professional | January 11, 2022
