US private-equity firm The Anderson Group has acquired entrées and desserts maker Double B Foods.
The financial terms of the deal were not disclosed.
Members of Double B Foods’ senior management team, including CEO Patrick O’Ray and CFO Don Wall, took part in the buyout.
The acquisition marks The Anderson Group’s third deal this year and its 17th investment in the food and beverage sector since 2010.
In Texas, Double B Foods operates a manufacturing facility at Meridian and a product innovation centre in Irving.
The company develops and manufactures “handcrafted” frozen and refrigerated appetisers, desserts snacks, and dips for retail and foodservice customers. It manufactures a range of both ready-to-eat and ready-to-cook products.
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In a statement, The Anderson Group said the deal provides Double B with a “strong balance sheet to provide sufficient capital” for its growth.
After the acquisition, Double B Foods will continue to be led by O’Ray. He said: “The team at Double B enthusiastically looks forward to partnering with Anderson to leverage our existing product development and formulation expertise, as well as our diverse manufacturing capabilities to provide innovative new flavour profiles and product delivery forms for our valued customer base while also expanding relationships with new customers in existing and new sales channels.”
The Anderson Group managing partner Cory Gaffney added: “Patrick, Don, and the team at Double B have done a remarkable job of optimising and growing the core business over the last several years, and have uniquely positioned the company to accelerate and diversify near-term future growth. We are thrilled to be partnered with them for the next phase of their growth.”
In June last year, The Anderson Group’s portfolio company Latina Boulevard Foods acquired New York-based food distributor C&R Food Services.
