Centre Partners, a middle market private equity firm with offices in New York and Los Angeles, has sold its portfolio company Stonewall Kitchen to Audax Private Equity. Financial terms of the transaction have not been disclosed.
Founded in 1991, Stonewall Kitchen is a leading manufacturer of premium branded specialty food and gift products, including jams, olive oils, bottled sauces, crackers and pancake mixes. The Company has more than 6,000 wholesale accounts nationwide and internationally; a thriving online direct-to-consumer business; a flagship campus in York, Maine featuring a company store, café and cooking school; and nine retail Company Stores located throughout New England.
During Centre Partners’ ownership, Stonewall Kitchen achieved significant organic growth through distribution gains and new product launches, enhanced its eCommerce platform and completed two strategic acquisitions to extend into new product categories.
David Jaffe, Managing Partner of Centre Partners, says: “In partnership with the management team, we established Stonewall Kitchen as the premier specialty foods platform in North America through strategic expansion into new channels, categories, customers and brands. Stonewall Kitchen is well positioned for continued growth, and we wish the team success under new ownership.”
John Stiker, CEO of Stonewall Kitchen, says: “It has been a pleasure collaborating with the Centre team to execute on our shared vision for Stonewall Kitchen. We were able to achieve significant growth while maintaining Stonewall Kitchen’s authenticity and reputation for great tasting, innovative products. Our team is excited to continue growing the Stonewall Kitchen family of brands.”
Baird acted as exclusive financial advisor and Greenberg Traurig, LLP and Akerman LLP acted as legal counsel to Stonewall Kitchen.
