Centre Partners ramps up food portfolio with Golding Farms deal
Centre Partners has made an investment in sauce manufacturer Golding Farms Foods Inc. The deal comes during a robust M&A period in the food and beverage sector.
Golding Farms, founded in 1972 and based in Winston-Salem, North Carolina, makes Southern style relishes and steak sauces, Asian dressings, along with mustards and honeys. The target produces the products under the Golding Farrms and Mrs. Campbell's Chow Chow brands.
“Golding Farms represents an opportunity for us to invest in a high growth food business and accelerate growth further with additional management resources and investment capital," says Centre Partners managing partner David Jaffe. Financial terms of the deal were not disclosed.
Centre Partners is a middle market PE firm that focuses on the consumer and healthcare sectors. The firms invests up to $50 million in businesses that have between $5 million and $40 million in Ebitda with revenues as high as $300 million. Some of Centre Partners' investments include pancake mix maker Stonewall Kitchen and juice company Sun Orchard. The firm has offices in New York and Los Angeles.
Food deals have been picking up in the middle market. Advent acquired pasta sauce producer Rao's; Glencoe Capital purchased dip maker Robert Rothschild Farm; and Schwan's bought two frozen pizza makers.