Fruit spreads, jams and preserves producer Crofter’s Organic in Canada has sold a majority stake to Frontenac, a Chicago-based private-equity firm.
Founded in 1989 by Gabi and Gerhard Latka, Crofter’s supplies branded and private-label products to retailers across North America, and is also present in the out-of-home sector.
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Company president Mr. Latka said: “We are excited to continue our mission of bringing high quality, ethically-sourced, and environmentally-conscious foods to consumers everywhere, and Frontenac will be an instrumental partner in making that a reality.
“We are so proud of the business we have built over the past 30-plus years. It has been such an honour to see the organic food industry flourish from a grass-roots movement to a worldwide push towards a more sustainable food system.”
Financial details for the investment in Parry Sound, Ontario-based Crofter’s were not disclosed.
The Latka’s will “retain a significant financial position” in the company and will remain as managers. Apu Mody, an executive at Frontenac, will join Crofter’s as executive chairman.
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By GlobalDataBetsy Williamson, a managing director of Frontenac, added: “Crofter’s fits with our experience in the food sector, across both private-label and branded products. Through its commitment to quality and customer service, the company has earned a strong reputation as a producer of high-quality fruit spreads to retailers and consumers alike.”
Frontenac, set up in 1971, focuses on investing in “lower middle-market businesses”. The firm targets what it describes as “platform investments with US$5-20m of EBITDA”. Its active investments include spices-and-herbs supplier Spice Chain, sauces-and-condiments business Schlotterbeck & Foss and pet-food group Whitebridge Pet Brands.
