US private-equity group Grey Mountain Partners has acquired local Mediterranean food manufacturer Kronos Foods.
Illinois-based Kronos primarily supplies foodservice companies in the US and Canada with Greek products such as pitas, flatbreads, filo products, hummus and sauces. It also sells products through the retail channel. Financial details of the deal were not disclosed.
Howard Eirinberg, the CEO of Kronos, said the company was “delighted” to partner with Grey Mountain to develop the company’s “next stage of growth”.
“We look forward to their support as we execute on an array of growth opportunities that are driven by innovative, market-leading new products such as KronoBroil premium gyros slices,” he said.
Beth Lesniak, an affiliate manager at Grey Mountain, added the private-equity firm’s “capital and operational support” will allow Kronos to “better serve both new and existing customers.”
Grey Mountain is a Colorado-based private-equity firm that says it “focuses on partnering with management to create lasting value through operational improvements and strategic growth initiatives”. Grey Mountain invests at the small end of the middle-market in companies and manages approximately US$700m of assets.