Stir Foods, an own-label and contract manufacturer of sauces, dressings and condiments owned by private-equity firm Wind Point Partners, has acquired fellow US business Lancaster Fine Foods.
The deal comes a year after Chicago-based Stir Foods bought Canadian private-label and contract manufacturing business Celtrade. Financial terms for either of the transactions were not disclosed.
Like Sir Foods, Lancaster Fine Foods supplies retail and foodservice customers with sauces, dressings, and condiments from its 100,000 square-foot facility in Lancaster, Pennsylvania, with the company noting it has the ability to double that capacity.
Milt Liu, the CEO of Stir Foods who joined with Wind Point in 2017 to acquire the business, said in a statement: "The cultures and culinary focus of our two companies are very similar, making this a natural partnership. Lancaster, combined with our Toronto facility, allows us to efficiently service the entire East Coast market. Our plan is to invest in Lancaster and leverage our combined capabilities and customer bases to grow the Lancaster facility into one of our 'flagship' locations."
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By GlobalDataThe statement noted Wind Point plans to further foster organic growth in Stir Foods through product innovation and "additional complementary acquisitions like Lancaster", which would add to deals for Van Law Food Products in 2019 and the salsa business of Sabra Dipping Co. the year before.
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Mike Thompson, a co-founder of Lancaster Fine Foods in 2008 and its CEO, said: "Our team is excited to partner with Milt and the Stir team. There is a strong cultural fit, and together we believe we can unlock even stronger growth at Lancaster and Stir. Our operations are also highly complementary in terms of capabilities that we can bring to our combined customer bases, and with the financial backing of Wind Point, we plan to pursue continued investment in new capabilities to drive growth at the Lancaster facility."
