The Riverside Company, a global private equity investor focused on the smaller end of the middle market, has sold its investment in Parker Food Group (PFG), a leading developer and manufacturer of specialty value-added ingredients for large multi-national and emerging food and beverage brands.
The buyer is an investment company of the Investindustrial private equity group.
Founded in 1926 as a manufacturer of speciality ingredients, PFG today is a go-to solutions provider of innovative, specialty ingredients that address critical customer requirements for use in baking, dairy, beverage, confectionary, ready-to-eat, snack and foodservice end markets. Riverside invested in the business in 2017, with a plan to drive growth through investments in infrastructure, people, processes and systems.
Shortly after the acquisition, Riverside invested more than $30 million to greenfield a state-of-the-art manufacturing facility in Fort Worth, Texas, increasing capacity by three to four times. Riverside also helped grow PFG through acquisition, with the 2020 add-on of Creative Food Ingredients adding significant scale and complementary product capabilities.
