Eddy Packing Company, the US supplier of meat products from sausages to steaks, has been sold in a secondary buy-out.
Dallas-based investor Insight Equity has bought Eddy Packing from Midwest-based private-equity firm Mason Wells.
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Insight Equity teamed up with Eddy Packing’s management and industry veteran Jim Reed on the transaction.
Reed, a former Hain Celestial and ConAgra Foods executive, has joined Eddy Packing as chief executive. He said: “I think Eddy Packing is a terrific company and its customer relationships and high-quality product offering support that position.”
Eddy Packing supplies a range of beef, pork and poultry products to retail and foodservice customers. It also acts as a contract manufacturer. The company’s branded products are sold at retailers including Aldi, Kroger and Walmart.
“Eddy’s broad product offering and deep experience with various processing techniques provides a strong foundation for continued growth,” Luke Bateman, a senior vice president at Insight Equity, said.
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By GlobalDataFinancial details on the deal were not disclosed. Mason Wells acquired Eddy Packing in 2012. “During our ownership, we transitioned the company from family ownership and made investments to enhance the company’s operational capabilities, expand its product breadth, and increase customer and channel diversification,” Greg Myers, senior managing director at Mason Wells, said.
John Fortino, Eddy Packing’s president and CFO, added: “The investments that Mason Wells and Eddy Packing made in processing and packaging capabilities as well as in key personnel will foster sustainable growth as a leading high-quality food processor in the ready-to-eat category.”
just-food approached Insight Equity for more details on the ownership stakes being taken in Eddy Packing and on who Reed is replacing as CEO but at the time of writing the private-equity firm had not returned the request for comment.
