RANDOLPH, MA (November 19, 2010) – Centerview Partners, through its private equity business, together with members of Richelieu management, today announced that they have acquired Richelieu Foods, Inc., a leading producer of premium private label pizza, salad dressing and other pourable products. Financial terms of the transaction were not disclosed.
Richelieu Foods is a $250 million food manufacturer that supplies premium private label frozen pizza and pourable products to leading national retailers and foodservice providers. The company has four facilities in the Midwestern US. Richelieu was previously owned by Brynwood Partners.
Richelieu’s management, including CEO Vincent Fantegrossi, will remain with the Company and they have made a significant equity investment in the business.
Mr. Fantegrossi said “I am extremely excited to partner with Centerview in this transaction. Centerview’s team has significant experience in the pizza and pourables categories, and I believe their involvement will help us accelerate the delivery of high-quality products at affordable prices to our retail customers and consumers.”
“Frozen pizza, dressings and sauces are categories we know well,” said Jim Kilts, Centerview’s co-founder and former CEO of Kraft, Nabisco and Gillette. “From the time we first learned about Richelieu, it was clear to us that the company’s innovative products and great service contributed to private label’s growth in these categories.”
David Hooper, a co-founder of Centerview’s private equity business, added “Centerview looks forward to working closely with the entire Richelieu team to build Richelieu for the long term.”
About Richelieu Foods
Richelieu Foods supplies premium private label frozen pizza to leading national retailers as well as private label and partner brand dressings and sauces to the retail and foodservice channels. Founded in 1862, the company now produces over 50 million pizzas annually and employs approximately 650 people at four facilities in the Midwestern US. More information about the company is available at http://www.richelieufoods.com.
About Centerview Partners
Centerview Partners operates an investment banking advisory practice and a private equity business. Centerview’s private equity business is based in Rye, New York and is focused exclusively on making investments in US middle- and upper-middle market consumer businesses. With approximately $500 million in committed capital, the firm seeks to leverage its operational expertise and deep consumer industry relationships in partnership with existing owners and management to achieve strategic and operational excellence. More information about the firm is available at http://www.centerviewpartners.com.