US pickled-foods manufacturer Patriot Pickle has been sold by private-equity company Swander Pace Capital (SPC) for an undisclosed fee.
A subsidiary of the Miami-based investment group H.I.G. Capital has acquired the refrigerated pickle business to add to its $60bn of capital under management.
Just Food has asked H.I.G. Capital to confirm the name of the affiliate.
Having been bought by SPC in 2021, Patriot Pickle “benefitted from significant investments in sales and operational infrastructure” under the private-equity company’s ownership.
“Managing the complexity and intensity of rapidly growing businesses is hard work but partnering with Swander Pace Capital made this process easier, and we had fun along the way. SPC’s strategic perspective, network, and broader insights were key enablers of the team’s success,” said Bill McEntee, CEO of Patriot Pickle.
Patriot Pickle manufactures refrigerated pickles, sauerkraut and other pickled vegetables. It supplies restaurants, delis, supermarkets, and distributors and offers private-label food and contract manufacturing.
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Last May, the pickle maker acquired domestic peer First Place Foods amid growing consumer appetite for pickled and fermented foods. In 2022, it made a move for Farm Ridge Foods’ pickle assets.
Corby Reese and Tyler Matlock, managing directors at SPC, said: “The team’s hard work and dedication have enabled a fantastic result and are a great example of SPC’s ability to partner with a founder to help accelerate growth and value.
“We wish the team all the success going forward, and we are confident that Patriot Pickle will continue to deliver for its customers in the many years to come”.
Last summer, Patriot Pickle was sued by Boston-based Grillo’s Pickles following claims that it violated its agreements and used Grillo's proprietary recipes to produce a line of pickles for Whole Foods under the Whole Foods 365 label across the US.
Just Food has asked Patriot Pickle for updates on the complaint.