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June 7, 2022

Dairyfood USA merges with Gilman Cheese under Borgman Capital deal

Dairyfood USA is a branded and private-label cheese supplier.

By Simon Harvey

Cheese maker Dairyfood USA has been acquired by private-equity firm Borgman Capital, which will merge the business with its portfolio company Gilman Cheese.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Borgman Capital, located in Milwaukee, Wisconsin, did not disclose the price paid for Dairyfood, which is also based in the same state in the village of Blue Mounds.

Founded in 1953, Dairyfood sells branded cheeses under its Glacier Ridge Farms and Sonoma Jacks lines, as well as dips with the Queso de Casa name. It also offers plant-based cheeses, with the business serving retail, foodservice and the travel channels. Considered the largest producer of smoked Gouda in the US, the company supplies private-label products as well.

Gilman, which is also based in Wisconsin, is an own-label cheese manufacturer. Borgman Capital bought Gilman Cheese in 2019.

Sequoya Borgman, the investor’s founder and managing director, said: “The people, products and legacy of Dairyfood USA offer a wealth of benefits to Gilman Cheese. We are excited about the synergies and growth opportunities ahead.”

Borgman Capital also counts Birmingham, Alabama-based Southern Meats in its food portfolio, a producer of frozen meats and vegetables.

Gilman Cheese president David Delgado will oversee the business integration process. Dairyfood president and CEO Daniel Culligan plans to retire. Gilman employs 184 people, while Dairyfood has a staff of 149.

Culligan said: “Throughout the selling process, it became distinctly obvious that Borgman Capital was the right choice to lead Dairyfood USA into its next chapter. I am confident that the future is extremely bright for Dairyfood USA and Gilman Cheese.”

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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