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December 11, 2020

New private-equity owner for US spice firm Red Monkey Foods

Close to four years after snapping up Red Monkey Foods, San Francisco Equity Partners has sold the US supplier of branded and own-label spices and seasonings.

By Dean Best

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.

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  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
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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.”

US meat-products supplier Old Hickory Smokehouse and US fresh-produce distributor Bix Produce Co. are among Norwest Equity’s current investments.

San Francisco Equity Partners’ portfolio includes Brazi Bites, a US company making Brazilian cheese bread, which sold a majority stake to the private-equity firm in 2018.

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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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