UK-based investment firm Harwood Private Equity has acquired US manufacturer Crest Foods.
Financial terms of the deal were not disclosed.
Crest Foods is an Ashton, Illinois-headquartered producer of branded and private-label dry food and dairy stabilisers,. It also does contract packaging.
Brown Gibbons Lang & Co. (BGL), which advised on the deal, said in a statement that the investment company’s aim with the move is to lead [Crest Foods’] “into its next phase of growth”.
“The acquisition provides Crest with a partner who can lead the company into its next phase of growth while maintaining its dedication to providing value-added services to its blue-chip customer base and leading consumer brands,” BGL added.
The deal sees London-based Harwood gain a 575,000 square foot contract packaging, distribution, and warehousing facility in Ashton.
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By GlobalData
Crest Foods, with a portfolio including desserts, dips and snack seasonings, was founded in 1946. It operates in three areas.
Firstly, it develops proprietary stabiliser formulations and recipes for dairy products, including cottage cheese, cream cheese, yogurt, dairy protein and plant-based beverages.
Secondly, it specialises in outsourced product development and manufacturing services for branded food, while, thirdly, it provides packaging services.
Harwood is an investor in lower middle market companies with investment experience across a variety of industries, including food and beverage, life sciences, precision manufacturing, media, and healthcare services, said BGL’s statement.
The private-equity firm seeks to support companies with an enterprise value of between £15m ($18.9m) and £75m.
