US baking mix firm Renwood Mills has been sold by private-equity company Renovo Capital to The Mennel Milling Company and private-equity funds manager Plaza Belmont.
The 80-year-old North Carolina-based firm sells flour and other baking products in the south-east of the US through foodservice, food production and retail channels under the Southern Biscuit and Tenda-Bake brands.
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Renwood, which was initially acquired in 2013, had “thrived” under Renovo’s ownership, a period that included “investments in growth initiatives, the stabilisation of a supplier base, strategic leadership and the engagement of key executives”, the private-equity firm said.
Mike Manos, Renwood Mills board member and a member of Renovo’s investment committee, said: “In 2013, we were fortunate to purchase a company with great brands, better people, undervalued production capabilities and a loyal customer base. It’s been rewarding to work with the team as we stewarded the company back to promising times and look forward to hearing about the next level of growth that The Mennel Milling Company and Plaza Belmont are able to achieve.”
Plaza Belmont manages private-equity funds and sponsors the financing of buyouts and growth capital transactions for middle market food manufacturing companies.
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Renovo has acquired a number of food supply chain businesses including agricultural-related assets through to food retail. Renovo said its most recent acquisition, All Holdings, a manufacturer and marketer of fresh and processed pork and turkey products into the retail and foodservice channels, underlined its “thesis of acquiring niche players in stable and growing markets”.
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