EMERAM‘s portfolio company frostkrone expands into the U.S., acquiring Rite Stuff Foods
Munich, 15 February 2019 - frostkrone Tiefkühlkost GmbH (“frostkrone“), a portfolio company of private equity firm EMERAM Capital Partners (“EMERAM“) and one of Europe’s leading manufacturers of frozen convenience food, has acquired the American company Rite Stuff Foods, Inc. (“Rite Stuff Foods“), which specializes in the production of potato snacks.
Following the acquisitions of the French snack and finger food manufacturers Piz ́wich and Varenne Gastronomie last year, frostkrone is once again expanding its product range and strengthening its international presence.
Rite Stuff Foods was founded in 1989 by Thomas J. Madden and is today one of the most important U.S. producers of potato specialties with more than 230 employees. The company is headquartered in Jerome, Idaho, and serves the food retail industry, the food service sector and various restaurants.
Frédéric Dervieux, CEO of frostkrone, said: “We have been exporting our products to the U.S. since 2017 so that this is a natural development for us. By acquiring Rite Stuff Foods, we now have a local presence that has come about as a result of developments and discussions with our trading partners. Rite Stuff Foods is firmly established in the U.S. and has an excellent network.”
Dr. Christian Näther, managing director of EMERAM, added: “With the acquisition of Rite Stuff Foods we are opening a new chapter of frostkrone’s corporate development. After having strengthened frostkrone's position in Europe over the last two years, the expansion into the U.S. is now the next step to further implement the company's growth strategy. We are convinced that with its successful history and U.S. roots, Rite Stuff Foods will be a strong platform not only to provide our existing customers in the U.S. with frostkrone's diverse product innovations, but also to develop new local customer potential.”
Since the beginning of 2017, frostkrone has been a portfolio company of EMERAM, an independent private equity firm for medium-sized companies in German-speaking countries. EMERAM is a long- term business development partner and supports the company with the consistent implementation of its growth strategy and international expansion.
The parties have agreed not to disclose any financial details of the transaction.
ABOUT RITE STUFF FOODS, INC.
Rite Stuff Foods was founded in 1989 by Thomas J. Madden and is today is one of the most important U.S. producers of potato specialties with more than 230 employees. The company processes the original Idaho potato to produce baked and stuffed potatoes, stuffed potato boats and potato wedges in various flavors as well as potato pancakes, potato rolls and potato hearts. The products are available in the food retail industry, the food service sector and restaurants. Headquartered in Jerome, Idaho, the company is USDA audited and SQF certified.
frostkrone is specialized in manufacturing and distributing deep-frozen finger food & snack products and distributes its products in the food retail trade as well as in the food service sector and online. The frostkrone group operates several modern production facilities in Germany and France. Since its foundation in 1997, the company has established itself as an innovative market shaper for convenience frozen food.
Since the beginning of 2017, frostkrone has been a portfolio company of the private equity firm EMERAM, which has since supported the company in the consistent implementation of its growth strategy and international expansion. In 2018, the French companies Piz'wich and Varenne Gastronomie were acquired.
ABOUT EMERAM CAPITAL PARTNERS
EMERAM is an independent private equity firm for mid-cap companies in the German-speaking area. Funds advised by EMERAM Capital Partners provide capital to drive the development of companies, drawing upon a fund volume of EUR 350m. Its team of experienced investment professionals currently oversees seven portfolio companies: Boards & More, Matrix42, diva-e Digital Value Enterprise, Xovis, Drahtzug Stein Group, frostkrone Tiefkühlkost and Meona Group.
EMERAM regards itself as a long-term business development partner for companies in five industry sectors: consumer goods, retail, industrial goods, business services and healthcare. The six founding partners combine in-depth market knowledge with operational experience in these sectors. Together, the team has successfully closed over 35 transactions and supported the development of portfolio companies by serving on over 40 advisory boards and supervisory boards. EMERAM Capital Partners was founded as an independent partnership in Munich in 2012.