Old World Spices and Seasonings in the US has received an undisclosed cash injection from private-equity firm Shore Capital Partners with a view to expanding the business.
Based in Concordia, Missouri, Old World Spices supplies both the retail and foodservice channels, and also provides private-label manufacturing for retailers. Founded in 1988 and led by CEO Russ Meinhardt, the company also has an R&D facility in Overland Park in Kansas.
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Richard Boos, a partner at Shore Capital and now chairman of Old World Spices, said the investment amounts to a “recapitalisation” of the business. The Chicago-based investor plans to expand the company organically with “adjacent product lines” and inorganically through acquisitions, as well as invest in business development, R&D, sales and marketing activities.
“We look forward to building the business with a keen focus on existing customer partnerships and expansion into new relationships,” Boos said.
Meinhardt added: “Our team is eager to capitalise on the significant opportunity for growth and consolidation in the spices, seasonings and specialty ingredients space, and we look forward to working with the Shore team to maximise our potential.
“We are confident our combined teams, networks, and resources will further enhance our ability to provide best-in-class service, innovative solutions, and quality products to our customer partners.”
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