Monomoy Capital Partners, a New York private equity fund focused on value investment and business improvement in middle market businesses, has acquired Oneida Ltd (Oneida), a supplier of flatware and dinnerware to the foodservice market. The acquisition marks the first transaction for the Monomoy Capital Partners II, LP, Monomoy’s second fund vehicle. Terms of the transaction have not been disclosed.
Founded in 1880, Oneida designs, sources, markets and distributes flatware and dinnerware in the consumer and foodservice industries throughout the world. The Company’s markets include North America, Latin America, Europe, Middle East, Africa and Asia. Oneida’s full product line includes stainless and silverplated flatware as well as dinnerware, bakeware, crystal, serveware, buffetware, cookware, cutlery and kitchen utensils.
Oneida is based in Oneida, New York, operates distribution centres in Savannah, Georgia, Canada, Mexico and England, and maintains procurement offices in New York and Guangzhou, China. The company maintains the largest installed product base of flatware and dinnerware in the foodservice industry.
“We are extremely excited to bring the iconic Oneida brand into the Monomoy portfolio,” says Dan Collin (pictured), a partner at Monomoy Capital Partners. “Oneida is one of the world’s most recognised brand names in home products with an established network of vendors and a strong management team. We look forward to assisting the Company in maintaining its leadership position and will immediately act to take advantage of Oneida’s multiple avenues for growth and expansion both in North America and abroad.”
Following the close of the transaction, Oneida will work together with The Anchor Hocking Corp, a leading North American designer, manufacturer and distributor of tabletop glassware products owned by Monomoy, to provide the market place a complete tabletop solution. Anchor’s product line includes glass beverageware, bakeware, storage containers and barware; glass candle containers; high-end spirit bottles and specialty glass items. Anchor also sells glassware to both the consumer and the foodservice markets.
“We could not ask for a better scenario: being acquired by Monomoy, well known for investing in brands and companies they believe in, combined with the privilege to work with another iconic American brand like Anchor Hocking that is a part of Monomoy’s portfolio of companies. This is a unique opportunity,” says Jim Joseph, President and CEO of Oneida Ltd. “The resources of both Oneida and Anchor Hocking and our unrivalled relationships in the consumer and foodservice space will provide both companies with significant opportunities for continued growth over the next few years.”
Mr. Collin concluded, “A strong alliance between Oneida and Anchor Hocking will bring huge benefits to their customers and the industry as a whole.”
Richard Porter, Kevin Morris and Dustin Nygard of Kirkland & Ellis, LLP represented Monomoy in the transaction. Griffin Strategic Advisors, LLC and Ameridan Resources provided Monomoy with customer, market and strategic advice on Oneida, its competitors and markets.
