Centerview Partners acquires Richelieu Foods
Centerview Partners, through its private equity business, together with members of Richelieu management, has acquired Richelieu Foods Inc. Financial terms of this transaction were not disclosed.
Richelieu Foods is a $250 million food manufacturer that supplies private label frozen pizza and pourable products to leading national retailers and foodservice providers. Founded in 1862, the company now produces more than 50 million pizzas annually and employs approximately 650 people at four facilities in the Midwestern US. The firm has four facilities in the Midwest. Richelieu was previously owned by Brynwood Partners.
Richelieu’s management, including chief executive officer Vincent Fantegrossi, will remain with the company, and they have made a significant equity investment in the business.
“Centerview’s team has significant experience in the pizza and pourables categories,” said Fantegrossi, “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,” said Jim Kilts, Centerview co-founder and former CEO 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.”
Visit www.richelieufoods.com for more details.
More information about Centerview can be accessed at www.centerviewpartners.com.