OWS Foods, a Shore Capital Partners portfolio company since November 2020, has acquired Lillie’s Q Sauces & Rubs.
Lillie’s is an Oklahoma-based maker of barbecue sauces, rubs, and seasonings. The brand was founded in 2010 by Chef Charlie McKenna and President Brian Golinvaux, with commercial distribution beginning in 2014.
Brown Gibbons Lang’s Food & Beverage investment banking group, led by BGL Managing Director Daniel Gomez, acted as the financial advisor to Lillie’s Q for this transaction.
“With BGL’s guidance and advice, we were able to identify and negotiate with the right partner to accelerate the Lillie’s Q brand,” said Chef Charlie McKenna. “When I launched Lillie’s over 14 years ago, the goal was to get the product into every household. We believe we have the best-tasting product in the market, and with the resources offered through a bigger platform, we are excited about the opportunities ahead.”
OWS Foods is a branded and private label maker and distributor of dry and wet food products, specializing in BBQ sauces, rubs, blended seasonings, dressings, glazes, and baking mixes. Its owned and distributed brands include Championship BBQ, Head Country, BBQ Spot, Twist’d Q, and American Royal.
OWS is headquartered near Kansas City in Overland Park, Kansas, and operates manufacturing facilities in Concordia, Missouri (78,000 sq. ft.) and Ponca City, Oklahoma (30,000 sq. ft.). The company, originally founded as Old World Spices & Seasonings in 1988 by John Jungk, rebranded as OWS Foods to reflect its expanded product lines and market reach.
The acquisition of Lillie’s Q builds on OWS Foods’ earlier purchase of Head Country Bar-B-Q from the founding Head family in July 2021.
Shore Capital Partners invests in lower middle-market companies in the healthcare, food and beverage, business services, industrial, and real estate sectors. Target companies have revenues of $5 million to $100 million and EBITDA between $1 million and $10 million. Shore Capital is headquartered in Chicago, with an additional office in Nashville.
In October 2024, Shore Capital closed its inaugural Healthcare Advantage Fund, second Business Services Partners Fund, and first Shore Search Partners Fund. These three funds exceeded their targets and collectively represent over $1.9 billion in combined capital commitments.
© 2024 Private Equity Professional | December 5, 2024
