Private equity firm MidOcean Partners has acquired Florida Food Products (FFP), a manufacturer of natural and clean label ingredients, from Kainos Capital. MidOcean’s investment will be used to drive FFP’s continued growth and expansion.
Financial terms of the transaction have not been disclosed.
Founded in 1954 and headquartered in Eustis, Florida, FFP is a leading manufacturer of healthy, natural, clean label ingredients and is the market leader in the clean label cure market. Clean label cures are used for a wide variety of end market uses including packaged meat, foodservice, private label and branded CPG meats as well as premium pet foods.
FFP offers appealing alternatives to synthetic meat ingredients, including curing agents, accelerators, and stabilisers as well as plant- based flavour & colour enhancement products across a variety of applications, including beverage, meat and meat alternatives, savoury foods, sauces and dressings, pet care, sports nutrition and baked goods.
FFP will continue to be led by its current management team, including CEO Jim Holdrieth, who has grown the Company into the industry leader in the clean label ingredients space. FFP will look to expand its product offerings and customer base in current and new markets in partnership with MidOcean’s considerable operating resources.
Jim Holdrieth, FFP CEO, says: “MidOcean’s proven track record of building leading flavours, food and ingredients businesses and deep understanding of the industry makes them the ideal partner for FFP at this stage in our development. They are fully aligned with our mission and we are eager to leverage their extensive expertise and resources as we continue the Company’s expansion in the natural and clean label Ingredients market.”
Jonathan Marlow, Managing Director at MidOcean, says: “We are very excited to partner with FFP, which is the market leader in the clean label cure market. Jim and his team have built an impressive business that has experienced strong growth. We have identified a number of opportunities to increase FFP’s presence across channels and markets fuelled by organic investments, strategic initiatives and highly accretive acquisitions.”
Gibson Dunn & Crutcher acted as legal advisor to MidOcean. Houlihan Lokey acted as exclusive financial advisor and Winston & Strawn acted as legal advisor to Florida Food Products.
