New Water Capital buys packaged foods maker Custom Made Meals, as shifting consumer habits spark robust buyer interest

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Private equity firm New Water Capital L.P., through its affiliate, has acquired food manufacturer Custom Made Meals LLC. As part of the closed deal, New Water has also acquired Custom Corned Beef Inc., a maker of raw and cooked corned beef, roasts and deli meats. Financial terms of the deal were not disclosed.

Custom Made Meals is a Denver, Colorado-based producer of oven-ready entrees made from meat and poultry, vegetables, stuffing and seasonings. The target’s entrees and appetizers are sold in more than 6,000 retail grocery stores nationwide. Custom Corned Beef was founded in 1977 by the Jewsburry family, who later acquired Custom Made Meals in 2009 from Maverick Ranch.

New Water is a lower middle-market private equity firm based out of Boca Raton, Florida. The firm targets North American companies that generate between $30 million and $300 million in revenue. New Water focuses on the consumer products, retail, and industrial manufacturing and services industries.

Ready-to-cook and frozen food businesses are receiving a strong interest from dealmakers, as consumers have begun eating more meals at home. Related food deals include: Bob Evans Farms Inc. (Nasdaq: BOBE) selling its 522 full-service restaurants to Golden Gate Capital to focus on its packaged foods business; Charoen Pokphand Foods Public Co. Ltd.’s agreement to buy Bellisio Foods, the owner of frozen food brands Michelina’s and Eat Brands, for more than $1 billion; and Benford Capital Partners LLC’s control investment in Saco Foods LLC.

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