New York, August 1, 2019 – Centre Partners, a leading middle market private equity firm with offices in New York and Los Angeles, today announced that it has sold its portfolio company Stonewall Kitchen (the “Company”) to Audax Private Equity. Financial terms of the transaction were not disclosed.
Founded in 1991, Stonewall Kitchen is a leading manufacturer of premium branded specialty food and gift products, including jams, olive oils, bottled sauces, crackers and pancake mixes. The Company has more than 6,000 wholesale accounts nationwide and internationally; a thriving online direct-to-consumer business; a flagship campus in York, Maine featuring a company store, café and cooking school; and nine retail Company Stores located throughout New England.
During Centre Partners’ ownership, Stonewall Kitchen achieved significant organic growth through distribution gains and new product launches, enhanced its eCommerce platform and completed two strategic acquisitions to extend into new product categories.
David Jaffe, Managing Partner of Centre Partners, stated, “In partnership with the management team, we established Stonewall Kitchen as the premier specialty foods platform in North America through strategic expansion into new channels, categories, customers and brands. Stonewall Kitchen is well positioned for continued growth, and we wish the team success under new ownership.”
John Stiker, CEO of Stonewall Kitchen, commented, “It has been a pleasure collaborating with the Centre team to execute on our shared vision for Stonewall Kitchen. We were able to achieve significant growth while maintaining Stonewall Kitchen’s authenticity and reputation for great tasting, innovative products. Our team is excited to continue growing the Stonewall Kitchen family of brands.”
Baird acted as exclusive financial advisor and Greenberg Traurig, LLP and Akerman LLP acted as legal counsel to Stonewall Kitchen.
About Centre Partners
Founded in 1986, Centre Partners is a leading middle-market private equity firm focusing on the consumer and healthcare sectors, with offices in New York and Los Angeles. Centre has invested over $2 billion of equity capital in more than 80 transactions since its inception. Centre seeks to partner with founders and management teams to build exceptional businesses. Centre Partners provides management teams access to its unique resources, which includes an extended network of experienced and proven operating executives. Additional information is available at www.centrepartners.com.
About Stonewall Kitchen
Stonewall Kitchen is a leading specialty food producer headquartered in York, Maine. Founded in 1991 by partners Jonathan King and Jim Stott, the two established the Stonewall Kitchen brand by selling jams and jellies at local farmers’ markets with a flavorful line of distinctive and high-quality products. Over time, they expanded the brand to include sauces, condiments, crackers and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Today, Stonewall Kitchen is the premier specialty foods platform in North America, home to a family of premium quality brands including the flagship Stonewall Kitchen brand; the Tillen Farms brand of pickled vegetables and cocktail cherries; the Napa Valley Naturals brand of olive oils, culinary oils, balsamic vinegars and wine vinegars; the Montebello brand of artisan organic pasta imported from Italy; and the Legal Sea Foods brand of restaurant-quality seafood sauces and condiments. As winners of 28 prestigious awards from the Specialty Food Association and the recipient of the coveted Outstanding Product Line Honors three times, Stonewall Kitchen is proud to be one of the most awarded specialty food companies in the country. For more information about Stonewall Kitchen, please visit: www.stonewallkitchen.com.