US baker Sterling Foods has become the latest food company to attract the interest of private equity investors, it emerged yesterday (13 January).
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TGF Management Corp. and Austin Ventures announced that they had acquired the San Antonio-based bakery group.
The financial details of the deal were not disclosed.
The investment by TGFM, through its latest private equity fund, Southwest Opportunity Partners, was made in partnership with AV and the Sterling Foods management team.
The agreement returns Sterling to TGFM ownership after it sold the company to ICV Capital Partners in 2001.
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By GlobalDataSterling is a supplier of baked goods and gourmet bakery items to the foodservice and retail industries. Its products are sold nationally to restaurant chains, leading supermarkets and club stores.
TGFM and AV said that they believe the next phase of Sterling Foods’ growth will be driven by unique product offerings, geographic and new channel expansion, and additional capital investment in equipment to increase efficiency.
