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March 15, 2022

US condiments maker Stonewall Kitchen acquired by PE firm TA Associates

Stonewall Kitchen sold by Boston-based investor Audax, which acquired the business in 2019.

By Andy Coyne

Stonewall Kitchen, the US speciality food business, has been sold by Audax Private Equity to fellow investor TA Associates for an undisclosed sum.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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York, Maine-based Stonewall Kitchen was founded in 1991 by Jonathan King and Jim Stott who started out selling jams and jellies at local farmers’ markets. Its product portfolio now includes sauces, condiments, crackers and baking mixes with brands such as Vermont Village and Urban Accents, both the result of acquisitions. It also produces coffee and home goods items such as candles.

Its products can be found in more than 19,000 stores nationwide and internationally and it has ten stores in New England.

It was acquired by Boston-based Audax in 2019.

New owner TA , also based in Boston, is a private-equity firm focused on the technology, healthcare, financial services, consumer and business services sectors.

Reflecting on its development under Audax, John Stiker, CEO of Stonewall Kitchen, said: “We have transformed the company from a primarily stand-alone brand to a family of brands within speciality food and home goods.”

He added: “Alongside TA, we aim to continue our dynamic acquisition efforts while also growing our existing family of brands. Our focus will be on identifying products and brands that match our high-quality standards and which preserve and enhance our core values and company culture.”

Bill Christ, a managing director at TA, said: “As long-time fans of the Stonewall Kitchen brand and its delicious products, we’re excited to invest in the company’s journey and partner with John and the entire management team. The culture and business practices at Stonewall Kitchen align closely with TA’s own philosophy and values, and we believe that we can transform the company together into an even more substantial enterprise.”

Jay Mitchell, managing director at Audax, said: “Between add-on acquisitions and organic growth, the company more than tripled in size over the past three years. We have enjoyed each and every day of our partnership with the entire Stonewall Kitchen team.”

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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