Food-focused private equity platform Power Sustainable Lios has acquired Crofter’s Organic, a Canada-based organic jams, jellies and fruit spreads producer.
The deal includes co-investments from Farm Credit Canada (FCC), BMO Capital Partners and the Latka family, which founded Crofter’s.
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Financial terms were not disclosed.
Crofter’s Organic CEO Tim Jax said: “Partnering with Lios, FCC, and BMO Capital Partners enables us to accelerate our mission of delivering high-quality organic fruit spreads to more households across North America and beyond.”
In a statement yesterday (22 January), Power Sustainable Lios said the investment will back Crofter’s “next phase of expansion”, including capacity enhancement, brand-building through marketing spend, and product development.
Power Sustainable Lios managing partner Jonathan Belair said: “Our investment in Crofter’s reflects our conviction in the long-term growth of sustainably oriented food businesses.
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By GlobalData“Crofter’s has built an exceptional brand rooted in quality, organic ingredients, and responsible production.”
The transaction also marks the exit of Chicago-based private equity firm Frontenac, which purchased a majority stake in Crofter’s Organic in February 2021.
Frontenac confirmed the sale in a separate statement.
It said in the last five years Frontenac and Crofter’s “expanded the brand and better-for-you positioning into mainstream channels, scaled the team, upgraded the company’s systems and enterprise-wide processes, and enhanced its innovation and product development capabilities”.
Meanwhile, the Latka family will remain involved as a long-term partner in the business.
Founded in 1989, Crofter’s Organic manufactures organic jams, preserves and fruit spreads for its namesake brand and for private-label and contract manufacturing partners.
The Parry Sound, Ontario-based company operates an automated production facility in the province.
The firm distributes its products across “major retailers” in North America.
