PNC Riverarch sells New Carbon to Roch Capital
Affiliates of Roch Capital have acquired New Carbon Company, a provider of waffle and pancake mix to restaurants, hotels, colleges and other foodservice establishments, from PNC Riverarch.
The transaction also included investments by the New Carbon management team.
New Carbon was previously a portfolio company of PNC Riverarch Capital. Terms of the transaction were not disclosed.
Founded in 1937, New Carbon provides its Golden Malted brand waffle mix, along with waffle irons and related maintenance, to over 40,000 customer locations throughout North America and internationally. New Carbon’s customer base includes prominent national restaurant chains and lodging operators, as well as independent restaurants and hotels. New Carbon is headquartered in South Bend, Indiana.
"We have enjoyed a successful partnership with PNC Riverarch Capital and are now excited to partner with Roch Capital," says Rick McKeel, New Carbon CEO. “After working with PNC Riverarch Capital to acquire our independent distributors and to introduce a number of new products, New Carbon is well positioned to deliver continued growth under Roch Capital ownership. We look forward to working with our new partners at Roch Capital.”
Roch Capital, formerly RAA Management, is part of a portfolio of companies headed by Rocco Abessinio, the founder of Delaware-based Applied Bank. Roch Capital’s companies are managed out of its main offices located in the Applied Corporate Center in Glen Mills, Pennsylvania.
In addition to Applied Bank, Roch Capital’s investments include office buildings, hotels, multi-family apartments, warehouses, medical offices and a credit card servicing company.
Roch Capital seeks private equity investments where it can deploy capital in excess of USD50m.
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