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June 1, 2021

JTM Foods comes under new private-equity ownership

JTM Foods, a US-based manufacturer of fruit-filled pies and rice snacks, has been acquired by private-equity firm Tenex Capital Management in New York.

Known for its JJ’s Bakery brand, JTM Foods supplies the retail, convenience and club channels across North America from its facility in Erie in Pennsylvania. The company also offers a co-manufacturing service and private label.

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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.
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JTM Foods, which has a portfolio featuring handheld pies such as fruit-filled snacks and ‘crispy rice treats’, was founded in 1985.

Tenex has bought JTM Foods from fellow private-equity firm Kainos Capital in Texas which acquired the company from another PE firm, Ohio-based Blue Point Capital Partners, in 2014 before initiating a management reshuffle with a new CEO and CFO.

Financial terms were not disclosed in a statement from Tenex, which focuses on business deals in the US and Canada.

JTM Foods’ retail customers include Costco, Meijer and Dollar General among a host of other small retailers. Its fruit-based pies are free from dairy and nuts.

Monty Pooley, the group’s president and chief executive, said: “We believe Tenex is the ideal partner for JTM and that the team’s manufacturing expertise will be highly beneficial as our business continues to grow and we work to enhance our offering and service the needs of our customers.”

Tenex’s managing director Gabe Wood added: “After the new leadership team was assembled from 2016 to 2018, the business has experienced dramatically improved growth and operational performance thanks to their efforts. We look forward to working with our new partners to delight customers and expand our capabilities across the sweet baked goods industry.”

 

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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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