Century Park Capital Partners has acquired Mikawaya, a producer of Japanese pastries and specialty frozen desserts.
Mikawaya is known as the creator of mochi ice cream, a small, round dessert ball consisting of a soft, pounded sticky rice cake (mochi) on the outside and an ice cream filling on the inside. The most popular flavors are green tea and mango, as well as more traditional favorites like kona coffee, cookies and cream, mint chip, chocolate, strawberry, vanilla and others. The company’s products are distributed through both regional and national grocery chains and independent stores. Mikawaya was founded in 1910 and is headquartered near Los Angeles in Vernon, CA (www.mikawaya.com).
“Since its founding, Mikawaya has been a traditionally run family business that has recently enjoyed significant growth due to its innovative and high-quality products,” said Marty Sarafa, Managing Partner with Century Park. “Our plan is to bring new resources and capabilities to the company to dramatically increase the market awareness and penetration of its on-trend mochi ice cream products.”
With the closing of the transaction, Jerry Bucan joins Mikawaya as its Chief Executive Officer. Joel Friedman, former President and Chief Executive Officer of Mikawaya, will continue to be involved with the company as Chairman Emeritus.
Mr. Bucan has 25 years of senior executive-level management experience in branded consumer products with such food companies as Nestle, ConAgra, Dean Foods and Mission Foods. “Mochi ice cream is an emerging and growing specialty food category, and Mikawaya is the mochi ice cream category leader,” said Mr. Bucan. “So, this is a truly rare and exciting opportunity to significantly grow both the category and the Mikawaya business by bringing this ethnic-influenced product more fully into the general market.”
Century Park has also added consumer and industry executives to the board of directors of Mikawaya. New board members include food executive Ralph Denisco, the former President of the Nestle Ice Cream Company and the Drumstick Company, and consumer products executive Jim Buch, current CEO of Lynx Professional Grills.
Century Park Capital Partners invests from $10 million to $50 million in middle-market companies that have revenues of $20 million to $100 million and EBITDA of $4 million to $15 million. Sectors of interest include chemicals, medical products and services, business services, industrials, and consumer products. The firm is based in Los Angeles (www.centuryparkcapital.com).
Senior and subordinated debt financing for the transaction was provided by OneWest Bank (www.onewestbank.com) and Gladstone Capital (www.GladstoneInvestment.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-10-15
