USA – Entrepreneurial Equity Partners, a Chicago-based private equity firm focused on making investments in the food and consumer packaged goods industries, has acquired Kronos Foods Corp.
Headquartered in Illinois, USA, Kronos Foods is a leading provider of global cuisine, including Mediterranean foods, ready-to-eat proteins, plant-based proteins, and value-added bakery products.
Kronos originally became known for its authentic Greek gyros meat and has progressively expanded its capabilities to include a variety of specialty and international protein products as well as bakery products, sauces and other international foods.
In 2016, the company developed the Krono Broil technology to provide further offerings for customers including pre-cooked, ready-to-eat gyros slices that are ideal for chain restaurants, educational institutions, and other foodservice providers.
Entrepreneurial Equity Partners bought Kronos Foods from Grey Mountain Partners for an undisclosed sum. Grey Mountain has been the owner of the company for since October 2016.
Commenting of the deal, Managing Partner Mark Burgett said, “We are excited to add Kronos Foods Corp to our portfolio.
“The company’s vast array of products and dynamic ability to serve customers with limited-time offerings developed by its in-house R&D team have positioned the company well to capture on-trend demand for global cuisine and protein-based foods.
“We are excited to leverage our extensive network and experience in the food sector to help Kronos introduce additional new products and capabilities that meet customer interests and further drive growth.”
Kronos marks the fifth transaction and third platform for Entrepreneurial Equity Partners.
Other investments include Sara Lee Frozen Bakery acquisition of Superior Cake Products and Daniele International acquisition of and Creminelli Fine Meats.
Over the years, investments in the food and beverage sector have remained strong. Ultimately, private equity investors have showed their increased appetite in this sector.
Brant Cash, a managing director at Harris Williams explains why: “Investors are attracted to the food and beverage sector for its stability and are particularly looking for businesses with a proven history driving growth through innovation.
“Companies like Kronos, with a leading position in Mediterranean foods and the flexibility to expand into new, value-added protein and bakery products, are positioned to thrive in the evolving food industry.”