US-based co-manufacturer and private-label supplier Monogram Foods has received backing from two investor firms.
Memphis-based Monogram Foods has sold a “significant stake” to Pritzker Private Capital in Illinois, described as a “middle-market” investor in companies in North America. Pritzker was joined by HF Capital, a company based in Knoxville, Tennessee, that invests capital on behalf of its Haslam family owners.
Karl Schledwitz and Wes Jackson, the founders of Monogram Foods, which also supplies foodservice customers, will remain “significant owners”, along with other members of its management team.
“This partnership will help our company grow through strategic acquisitions, expand our nationwide facility footprint, strengthen our R&D capabilities and provide new opportunities for our talented team,” Schledwitz said in a statement. “The Pritzker Private Capital team shares our values and is the ideal partner to support our company’s exciting next chapter.”
Monogram Foods was established in 2004 and manufactures products from ten plants such as meat snacks, fully-cooked and raw bacon, appetisers, baked goods and sandwiches to clients in the US. Terms of the transaction have not been disclosed, nor has the size of the stake sold.
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The company made an acquisition earlier this year, expanding its presence in the bacon category with a deal for Quality Food Processors in Denison, Iowa. At the time, Monogram Foods said that deal would take its revenue to more than US$1bn. In May, Monogram Foods announced it would add to its production network with an eleventh factory in Haverhill, Massachusetts.
Chris Trick, an investment partner at Pritzker Private Capital, added: “Monogram Foods is an established leader in the prepared food industry with best-in-class manufacturing capabilities and a longstanding commitment to food safety, sustainability and social impact. Monogram is led by a world-class management team and has leading market positions in its categories and compelling opportunities for long-term growth and expansion.”