Mill Point Capital has acquired sister companies Seviroli Foods, a manufacturer of frozen pasta, and Vertullo Imports.
Seviroli’s products include ravioli, tortellini, stuffed shells, manicotti, short cut pastas, sauces, and Italian desserts that are sold to the foodservice, club and grocery, and other retail channels. Seviroli – headquartered on Long Island in Garden City, New York – operates three manufacturing facilities in the New York Metro area and has the capability to serve customers nationally.
Seviroli Foods was founded in 1960 and is led by CEO and second-generation owner Joseph Seviroli Jr., and President and COO Paul Vertullo.
“We are excited to continue building upon my family’s proud 62-year operating history alongside Mill Point. Seviroli’s track record of growth, innovation, and quality customer service are expected to be significantly enhanced through our partnership,” said Mr. Seviroli.
“Throughout its history, Seviroli has continually distinguished itself as a leader in its sector. We are committed to maintaining the core values that the Seviroli family and team have created and look forward to pursuing numerous growth avenues ahead,” said Dustin Smith, a partner at Mill Point.
Vertullo is an importer of over 150 fresh and frozen items including pasta, rice, sauces, oils, and truffles. The company supplies products to Seviroli as well as third-party foodservice, retail, and e-commerce customers. Vertullo was launched in 2018 and shares a headquarters with Seviroli in Garden City.
“The partnership and combination of resources with Mill Point accelerates our ability to continue Seviroli’s and Vertullo’s long-term growth trajectory and execute strategic initiatives,” said Mr. Vertullo.
“We have been thoroughly impressed by the strong operating foundation and culture Joe, Paul and the rest of the Seviroli team have created,” said Jim Schubauer, an executive partner at Mill Point. “I am confident that with their expertise and Mill Point’s insight, the company will further elevate its product ideation, customer relationships and operational excellence.”
New York City-based Mill Point makes control-oriented investments in North America-based lower middle-market industrial, business services, and IT services companies. Mill Point closed its second fund, Mill Point Capital Partners II LP, at its hard cap of $886 million in February 2021. The firm’s inaugural institutional fund, Mill Point Capital Partners LP, closed at its hard cap of $450 million in May 2018.
© 2022 Private Equity Professional | December 6, 2022
