New Water Capital in Boca Raton, Florida, has sold the Denver, Colorado-based business to Stellex Capital Management in New York for an undisclosed sum. New Water acquired Custom Made Meals (CMM) in 2017 and the company has since expanded its retail position to 15,000 stores across the US, from around 6,000 at the time of purchase.
CMM president and CEO Dale Easdon said: “As consumer demand for fresh, ready-to-cook foods has skyrocketed in recent years, the CMM team’s creative expertise, skilled management and established relationships within the industry have positioned the company, with New Water’s operational leadership and support, as a leading contender in the US marketplace. The entire CMM team is excited to be part of this next stage in the company’s success.”
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New Water, which targets companies in consumer products and industrial manufacturing with revenues of US$30m to $300m, said it remains invested in the sector through Pegasus Foods, a US contract manufacturer of frozen appetisers and snacks, and The Perfect Bite Co., a research and development firm for the frozen food industry.
“Our goal at New Water is to support and invest in businesses with enduring value propositions,” New Water partner Jason Neimark said, adding: “We are very proud of CMM’s success, and we have every confidence the company will continue its remarkable growth trajectory and success under its new ownership.”
Just Food has contacted Stellex Capital for comment on the transaction but had not received a response at the time of writing.
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