Brynwood Partners has closed its ninth fund, Brynwood Partners IX LP, with over $750 million of committed capital. Brynwood’s new fund is the largest fund the firm has ever raised.
Like its earlier funds, Brynwood IX will make control investments in North American-headquartered consumer products businesses. Brynwood has specific capabilities with family and founder-owned businesses and has been active in carving out consumer brands from corporate sellers.
Here’s two examples. In July 2023, Brynwood formed West Madison Foods and agreed to acquire the Marie’s salad dressing brand and the Dean’s Dip business from Ventura Foods. Brynwood’s investment in West Madison Foods was made through Brynwood IX. The acquisition of Marie’s salad dressing and Dean’s Dip includes a manufacturing facility in Thornton, Illinois (30 miles south of Chicago) where the company’s products – Blue Cheese, Caesar, Ranch and Coleslaw dressings, and French Onion, Ranch and Guacamole dips and spreads – are manufactured. Ventura acquired Marie’s dressings and Dean’s dips businesses from Dean Foods in 2005 for $198 million.
In March 2023, Great Kitchens, a portfolio company of Brynwood since 2020, acquired the Uno Foods division of Uno Restaurant Holdings from its owner, Newport Global Advisors. Uno Foods manufactures and distributes frozen and refrigerated branded pizzas, calzones, entrees, and appetizers. The company’s products, manufactured in its 40,000 sq. ft. facility in Massachusetts, are sold in more than 6,000 grocery stores, wholesale clubs, foodservice, and e-commerce sites. Uno Restaurant Holdings is the owner of the Pizzeria Uno chain of casual dining restaurants which serve deep-dish and thin pizza, salads, sandwiches, pasta, and burgers. The first Pizzeria Uno location was opened in Chicago in 1943.
Limited partners in Brynwood IX include pension funds, insurance companies, fund-of-funds, endowments, foundations, and family offices.
“We have been humbled by the support from our existing and new limited partners in one of the most challenging fundraising markets of my career. The success of the fundraise reinforces the strength of our active investment strategy,” said Hendrik Hartong III, the chairman and CEO of Brynwood. “As we approach our 40th year in business, we are both proud of our heritage and excited for our next fund cycle. Getting to Fund IX is a testament to our strategy and our team of dedicated investment professionals.”
Brynwood’s investment team includes both financial and operating executives with direct experience in sales and marketing, procurement, manufacturing, freight and logistics, finance and risk management, and information technology.
“I am also proud to announce that David Eagle and John LeBoutillier have been promoted to Senior Managing Directors in Brynwood IX,” said Mr. Hartong. “In their new roles, David and John will continue to help me lead the investment and operations strategy for the firm and their promotions are both well-earned and deserved.”
With the close of Brynwood IX, the Greenwich, Connecticut-headquartered firm has now raised nearly $2.6 billion of committed equity since its founding in 1984.
Locke Lord provided legal services to Brynwood on this fundraise.
© 2023 Private Equity Professional | November 1, 2023
