Investment firm TowerBrook Capital Partners has acquired a majority stake in US-based deli meats producer Demakes Enterprises.
Financial terms were not disclosed.
Set up in 1914, Massachusetts-based Demakes Enterprises was being run by fourth-generation family owners.
The company manufactures products including deli meats and sausages under brands such as Old Neighborhood and Thin N’ Trim. It is also a private-label supplier.
Under the terms of the deal, the Demakes family will retain a “significant minority stake” in the company, a statement read.
CEO Andrew Demakes will stay on in the role. Elias and Timothy Demakes, VP of sales and VP of plant operations respectively, will also continue in their positions.
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“TowerBrook is an ideal partner for Demakes given the firm’s track record of scaling family-owned businesses and significant knowledge of the food space,” Andrew Demakes said in a statement.
“My brothers and I look forward to partnering with TowerBrook to build upon the legacy of the company by expanding the reach of our distribution channels and bringing our high-quality, innovative protein products to more customers across the US.”
TowerBrook’s investments in the consumer have included US distributor KeHe and ready-meals business Kevin’s Natural Foods. The buy-out house sold Kevin’s to Mars earlier this year.
Michael Recht, managing director of TowerBrook, said “combining the [Demakes Enterprises’] core strengths with our experience scaling and growing consumer brands will foster an exciting phase of expansion both organically and through targeted acquisitions in coming years”.