Private equity firm Peak Rock Capital has added to its portfolio of food and beverage businesses by acquiring US pretzel producer Pretzels Inc for an undisclosed sum.
Pretzels Inc boasts a comprehensive portfolio of snack products that includes traditional, peanut-butter-filled and gluten-free pretzels, as well as other extruded snack products.
Pretzels Inc’s client base includes major retailers and brands, and the company operates two manufacturing facilities in Indiana,
This acquisition is Peak Rock’s ninth in the food and beverage industry, and follows on from Peak Rock’s acquisition of US-snack brand Louisiana Fish Fry earlier this month and the acquisition of TNT Crust from Tyson Foods in August.
Anthony DiSimone, CEO of Peak Rock said: “This transaction represents our third platform investment in the food and beverage industry in the last two months, highlighting Peak Rock’s unique capabilities in this space.
“We will continue to seek additional platform acquisitions within the industry as well as add-on acquisitions that we believe could benefit from our ability to drive rapid growth and improve performance.”
Chip Mann, CEO of Pretzels added: “Over the past 40 years, the Huggins and Mann families have worked tirelessly to grow Pretzels into an industry-leading supplier serving premier brands and leading retailers.
“We are excited to partner with Peak Rock and draw on the firm’s demonstrated expertise in growing businesses through expanded capabilities and investments in product development, which will allow us to further serve our customers.”
By Martin White
Source: FoodBev
After eight years with Nestlé, François-Xavier Roger, executive vice president and chief financial officer (CFO), has decided to leave the company to pursue new professional challenges, making way for finance boss Anna Manz. Meanwhile, Unilever announced that Graeme Pitkethly, CFO, will retire by the end of May 2024, and the hunt is on for his successor.
International spirits company Bacardi Limited has announced the appointment of Alicia Enciso to its board of directors. Enciso joins with more than 30 years of experience with multinational Fortune 100 Companies in the food and beverage sector with roles as general manager, president, chief marketing officer and e-business officer.
According to Innova Market Insights, when it comes to beverages, consumers are willing to pay more for what they value most, despite rising inflation. Additionally, consumers want brands that respond to their core values and have the benefits they seek, such as sustainability and functional ingredients.
