Entrepreneurial Equity Partners (“e2p”), a Chicago-based private equity firm focused on the food and consumer packaged goods industries, and the Private Equity business of Mubadala Capital, the asset management arm of Abu Dhabi-based sovereign investor Mubadala Investment Company, today announced that one of their portfolio companies, Thrive Foods (“Thrive”), has acquired Freeze-Dry Foods (“FDF” or the “Company”) from Cumming Capital. Financial terms of the transaction were not disclosed.
Founded in 1968, FDF is a leading contract manufacturer of freeze-dried products, including pet treats, proteins, and food ingredients. The Company has established an exceptional reputation for high-quality products. The acquisition of FDF will allow Thrive Foods to better service customers across the Midwest and east coast by adding specialized formulation and wet processing capabilities to Thrive’s world-class freeze-drying operations. The Company is headquartered in Albion, New York, and operates out of a 240,000 sq. ft. facility.
Thrive Foods is a leading manufacturer of freeze-dried products including fruits & vegetables, proteins, pet treats, probiotics, enzymes, and prepared meals. Thrive currently has facilities in Modesto, California and American Fork, Utah, and serves as a technical expert and flexible manufacturing partner for its customers.
Steve Palmer, CEO at Thrive Foods, said, “We are very pleased with the acquisition of FDF, which will further expand Thrive’s manufacturing capabilities and add to our existing geographic footprint throughout the United States. We are impressed with FDF’s focus on high-quality products and look forward to executing upon several key initiatives and opportunities together to fuel further growth.”
Ryan Schweet, Partner at e2p, commented, “This strategic acquisition adds valuable customer relationships and production, and we look forward to growing the combined business.”
Adnan Azam, Director at Mubadala Capital added: “We invested in Thrive as the foundation of a growing platform to build and consolidate the freeze-dried products space. Since we invested in the business, we have been integrating Thrive with Mercer Foods while continuously evaluating new opportunities to expand our product capabilities, enter new markets and create growth opportunities for our employees. FDF achieves each of those objectives and we look forward to continuing its market leadership as part of the Thrive Foods family.”