Investment firm TowerBrook Capital Partners has acquired a majority stake in US-based deli meats producer Demakes Enterprises.
Financial terms were not disclosed.
Set up in 1914, Massachusetts-based Demakes Enterprises was being run by fourth-generation family owners.
The company manufactures products including deli meats and sausages under brands such as Old Neighborhood and Thin N’ Trim. It is also a private-label supplier.
Under the terms of the deal, the Demakers family will retain a “significant minority stake” in the company, a statement read.
CEO Andrew Demakes will stay on in the role. Elias and Timothy Demakes, VP of sales and VP of plant operations respectively, will also continue in their positions.
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“TowerBrook is an ideal partner for Demakes given the firm’s track record of scaling family-owned businesses and significant knowledge of the food space,” Andrew Demakes said in a statement.
“My brothers and I look forward to partnering with TowerBrook to build upon the legacy of the company by expanding the reach of our distribution channels and bringing our high-quality, innovative protein products to more customers across the US.”
Michael Recht, managing director of TowerBrook said he believes that “combining the company’s core strengths with (TowerBrook’s) experience scaling and growing consumer brands will foster an exciting phase of expansion both organically and through targeted acquisitions in coming years.”
“We are thrilled to partner with the Demakes family to continue to build on the company’s legacy. Over the last century, Demakes has consistently delivered an innovative portfolio of products that resonate with US consumers’ increasing demand for convenient, health-conscious choices,” he said.
