Brown Gibbons Lang & Company (BGL) has announced the sale of Crest Foods (a leading provider of dairy stabilizers, contract packaging, and branded and private label dry food manufacturing) to Harwood Private Equity (an investor in lower middle market companies). BGL’s Food & Beverage, Debt Capital Markets, and Real Estate teams together served as the exclusive financial advisor to Harwood. The terms of the transaction were not disclosed.
Originally founded in 1946, Crest Foods is a leading food manufacturing, packaging, and product development service provider to branded and private label customers. The company operates three business lines:
1.) Ingredients – Develops proprietary stabilizer formulations and recipes for dairy products, including cottage cheese, cream cheese, yogurt, and dairy protein- and plant-based beverages
2.) Contract Packaging: Provides packaging services to branded and private-label dry food companies.
3.) Consumer Products: Specializes in outsourcing product development and turn-key manufacturing services for branded food companies.
The deal provides Crest with a partner who can lead the company into its next growth phase while maintaining its dedication to providing value-added services to its blue-chip customer base and leading consumer brands.
Harwood is a leading investor in lower middle market companies with investment experience across a variety of industries, including food and beverage, life sciences, precision manufacturing, media, and healthcare services.
In connection with the deal, BGL facilitated a sale-leaseback of the affiliated 575,000-square-foot, state-of-the-art contract packaging, distribution, and warehousing facility in Ashton, IL, via TPG Angelo Gordon’s Net Lease business.
