Kronos Foods, a US supplier of Mediterranean and Middle Eastern foods, has got its second new owner in four years.
US private-equity firm Entrepreneurial Equity Partners has snapped up the business from local peer Grey Mountain Partners, the owner of Kronos Foods since 2016.
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Financial terms were not disclosed. However, Mark Burgett, managing partner at Entrepreneurial Equity Partners, set out why the private-equity firm had acquired the business and outlined its plans for its new asset.
“The company’s vast array of products and dynamic ability to serve customers with limited-time offerings developed by its in-house R&D team have positioned the company well to capture on-trend demand for global cuisine and protein-based foods,” Burgett said. “We are excited to leverage our extensive network and experience in the food sector to help Kronos introduce additional new products and capabilities that meet customer interests and further drive growth.”
Previous deals struck by Entrepreneurial Equity Partners include an investment in Daniele International, a family-owned Italian-style charcuterie business located in the US.
At the start of this year, Entrepreneurial Equity Partners announced it had combined Daniele International with US peer Creminelli Fine Meats.
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