Red Monkey Foods, the US supplier of branded and own-label spices and seasonings, is the subject of a secondary buy-out, with San Francisco Equity Partners set to sell up to private-equity peer Norwest Equity Partners.
The deal, struck for an undisclosed sum, comes close to four years after San Francisco Equity Partners acquired a majority stake in the manufacturer.
Red Monkey supplies organic spices and seasonings, which are sold primarily through the US retail channel. San Francisco Equity Partners said the Missouri-based company had “become the market leader in organic, store-brand spices and seasonings”. Red Monkey also controls two salt brands, San Francisco Salt Co. and EPSOAK. In December 2017, Red Monkey snapped up San Francisco Salt Company for an undisclosed sum.
“Over the course of our partnership, the company more than tripled revenue and EBITDA, completed a synergistic acquisition and significantly expanded its supply chain and manufacturing capabilities,” David Mannix, a partner at San Francisco Equity Partners, said.
Scott Bolonda, who has been Red Monkey’s chief executive since May 2017 when he succeeded founder and CEO Jeff Brinkhoff, said San Francisco Equity Partners had been “a great partner” to the company’s management, adding: “Their experience building scalable businesses in the consumer space proved invaluable as we successfully executed on our strategy of becoming the premier supplier of premium organic flavour solutions. We look forward to capitalising on the tremendous momentum in the business with our new partners at Norwest Equity.”
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