Grey Mountain Partners has purchased Mediterranean food maker Kronos Foods Inc. for an undisclosed amount with investments from its third middle-market buyout fund, which was raised in 2013.
Kronos, based in Glendale Heights, Illinois, makes gyro meat, hummus, baklava desserts, pita bread, flatbread, pre-formed gyro cones, sauces and yogurt. “The successful development and marketing of the first pre-formed gyro cones” is the target’s biggest accomplishment to date. Kronos targets products to foodservice providers, such as fast-food outlets, schools, hotels and caterers, and corporate and military organizations.
Grey Mountain is a Boulder, Colorado-based private equity firm, with additional offices in Minnesota and Pittsburgh, managing approximately $700 million in assets. The firm is currently making investments from the $425 million Grey Mountain Partners Fund III. Grey Mountain typically backs U.S.-based businesses with a focus on: aerospace and defense, building products and materials, business process outsourcing, manufacturing, energy and power, financial services, food and beverage, healthcare, industrial and infrastructure, packaging and transportation logistics, and technology.
Globalization has made international cuisine more popular. Food deals leveraging the trends include: Findus Spain’s purchasing La Cocinera, a Barcelona, Spain-based maker of chilled-dough products, from Nestle; Diaz Foods’ acquiring La Cena Fine Foods Ltd., a manufacturer of Caribbean food brands pasta, drinks and condiments; and Ajinomoto’s $800 million purchase of Windsor Quality Holdings LP, a maker of nacho bites and other appetizer frozen foods.