US frozen dessert maker Dianne’s Fine Desserts has been sold by private-equity owner Superior Capital Partners to another buy-out house, Geneva Glen Capital.
Superior Capital Partners acquired Massachusetts-based Dianne’s Fine Desserts in partnership with industry executives Mike Knowles and Dan Scales in 2012 in a carve-out transaction from Heinz.
Dianne’s Fine Desserts manufactures frozen thaw-and-serve desserts to the foodservice industry and the in-store bakeries of national grocery chains.
Superior said in its four years backing Dianne’s Fine Desserts the company had “broadened its product line, won exciting new accounts and penetrated the in-store bakery channel”.
Andrew Wiegand, a managing director at Superior Capital Partners, added: “We invested heavily in the company’s systems and production facilities and completed an acquisition to realise over 50% revenue growth and a ten-fold increase in earnings. The company is now extremely well-positioned to realise growth over the long-term.”
Mike Knowles, the CEO at Dianne’s Fine Desserts, thanked Superior Capital Partners “for their partnership throughout an exciting four-year period” and added: “We appreciate their contributions and look forward to our partnership with Geneva Glen Capital to execute on the next phase of our growth.”
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