October 23 2019
Brynwood Partners VII L.P. to Sell Joseph's Frozen Foods to LaSalle Capital
GREENWICH, CT — Brynwood Partners VII L.P. (“Brynwood VII”) announced today that it has sold Joseph’s Frozen Foods (“Joseph’s”) to LaSalle Capital. Terms and conditions of the transaction are not being disclosed.
Brynwood VII acquired Joseph’s from Nestlé Prepared Foods Company in 2013. With headquarters in Haverhill, MA, Joseph’s operates a 160,000 square foot manufacturing facility. Joseph’s is a leading manufacturer and marketer of premium frozen stuffed pasta and sauces for independent restaurants, national chains and the foodservice, retail and industrial segments. Additionally, Joseph’s provides private label products and co-manufacturing services in a broad assortment of pasta-centric frozen foods.
Joseph’s incorporates time-honored recipes and methodologies to make a wide range of superior pasta and sauce products that inspire innovation and customer loyalty. Some of its artisan products include cannelloni, ravioli, tortellini, gnocchi, pasta nests and manicotti. Joseph’s produces a differentiated product offering that uses unique recipes and the highest quality pasta and ingredients.
“We are delighted to announce the sale of Joseph’s to LaSalle Capital,” said Hendrik Hartong III, Chairman and CEO of Brynwood Partners. “We are very pleased with the outcome of this transaction. Under Brynwood VII’s ownership, we worked closely with management to transform Joseph’s from a business that primarily focused on providing high quality, frozen stuffed pasta products, to one that provides a broad range of meal solutions including the expansion of the company’s product offerings into frozen meals and other meal kits. We look forward to watching the business continue to evolve and grow under LaSalle Capital’s ownership.”
“We are grateful to the over 200 employees of Joseph’s for their dedication to the business and commitment to making some of the finest frozen cuisines available,” said Ian MacTaggart, President, CFO & COO of Brynwood Partners. “We wish LaSalle Capital and Joseph’s management continued success.”
Piper Jaffray & Co. served as the investment advisor to Joseph’s and Holland & Knight LLP provided legal counsel.
About Brynwood Partners:
Brynwood Partners, founded in 1984 and based in Greenwich, CT, is an operationally-focused private equity firm that makes control investments in North American-based lower middle market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector. Since inception, Brynwood Partners has acquired over 50 brands from 20 different corporate sellers.
Brynwood Partners currently manages more than $1 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, foundations, high net worth family investment offices and financial institutions. For more information on Brynwood Partners, please visit www.brynwoodpartners.com. Brynwood Partners’ most recent fund, Brynwood Partners VIII L.P., has $649 million of committed capital and made its final close in January 2018.
About Joseph’s Frozen Foods:
Headquartered in Haverhill, MA, Joseph’s is a leading manufacturer and marketer of premium frozen stuffed pasta for independent restaurants and national chains and the foodservice, retail and industrial channels. Additionally, Joseph’s offers private label and co-manufacturing capabilities. Joseph’s incorporates time-honored recipes and methodologies to make a wide range of superior pasta and sauce products that inspire innovation and customer loyalty. Its artisan products include stuffed cannelloni, stuffed ravioli, stuffed tortellini, gnocchi, and manicotti. Joseph’s produces a differentiated product offering that uses unique recipes and the highest quality pasta and ingredients. Joseph’s operates a 160,000 square foot company-owned, manufacturing facility. For more information, please visit www.josephsgourmetpasta.com.