Acquisition "will accelerate Avenas future growth"

Acquisition "will accelerate Avena's future growth"

Canadian gluten-free oats producer Avena Foods has been acquired by Toronto-based private equity firm Ironbridge Equity Partners for an undisclosed sum.

Ironbridge "will acquire control of Avena and will partner with the local management team in continuing to grow the business," Avena said. 

Avena CEO Rob Stephen said: "Ironbridge provides Avena Foods with a very strong financial backing, long-term investment philosophy and a successful track record of working with local management teams in optimising growth opportunities. The infusion of additional capital investment will accelerate the attainment of Avena Food's optimal potential and future growth while continuing to provide the same high level of product quality and service to its customers." 

The cmpany said it has a network of more than 90 gluten-free and organic oat growers across the Canadian prairies and a dedicated gluten-free and allergen-free milling facility in Regina, Saskatchewan.

Ironbridge said it focuses "exclusively on investing in companies in the Canadian middle market" including firms operating in the manufacturing and distribution sectors.