Private Equity firm Wind Point Partners acquired dairy business Gehl Foods for an undisclosed amount.
Gehl, headquartered in Germantown, Wisconsin, makes and distributes shelf-stable dairy products, including cheese sauces, puddings and nutritional and protein beverages. The company's cheese-sauce products are used by movie theaters, concession stands, convenience stores and restaurants.
The company was founded in 1896 by J.P. Gehl as a butter maker, gradually transitioning to local dairy products and ready-to-serve dairy products.
Eric Beringause will take over as CEO from Katherine Gehl, who became CEO in 2011. Beringause was formerly at food businesses Sturm Foods and Advanced Refreshment LLC.
Chicago-based Wind Point generally invests between $30 million and $150 million for a controlling position in a business.
Last June, Wind Point sold Hearthside Food Solutions to Goldman Sachs (NYSE: GS) and Vestar Capital Partners. In May, the firm's portfolio company Argotec, acquired Stevens Urethane, which makes polyurethane sheet and film products.
City Capital Advisors was Gehl's financial adviser, and Foley & Lardner LLP provided legal advice.
There have been several food deals recently. In February, in another cheese transaction, Auricchio SpA bought New Jersey-based cheese importer the Ambriola Co. Also in February, AdvancePierre Foods bought Better Bakery LLC, which makes sandwiches.
On March 25, Brazilian PE Firm 3G Capital and Berkshire Hathaway agreed to buy Kraft Foods Group Inc. and merge it with H.J. Heinz.