Centerview Partners, through its private equity business, together with members of Richelieu management, have acquired Richelieu Foods, a producer of private label pizza, salad dressing and other pourable products.
Financial terms of the transaction were not disclosed.
Richelieu Foods is a USD250m food manufacturer that supplies private label frozen pizza and pourable products to national retailers and foodservice providers. The company has four facilities in the Midwestern US. Richelieu was previously owned by Brynwood Partners.
Richelieu’s management, including chief executive Vincent Fantegrossi, will remain with the company and they have made a significant equity investment in the business.
Fantegrossi says: "I am extremely excited to partner with Centerview in this transaction. Centerview’s team has significant experience in the pizza and pourables categories, and I believe their involvement will help us accelerate the delivery of high-quality products at affordable prices to our retail customers and consumers."
"Frozen pizza, dressings and sauces are categories we know well," says Jim Kilts, Centerview’s co-founder and former chief executive of Kraft, Nabisco and Gillette. "From the time we first learned about Richelieu, it was clear to us that the company’s innovative products and great service contributed to private label’s growth in these categories."
