Key Takeaways
- • Gallant Capital Partners acquired NCCO, a 121-year-old manufacturer of mission-critical labels and foodservice consumables, in a control investment aligned with Gallant's $15 million to $200 million acquisition strategy.
- • NCCO operates a diversified product portfolio spanning food safety labels, tamper-evident labeling, custom-branded solutions, guest checks, register rolls, and proprietary software platforms (DateCodeGenie, Task Manager, Always Food Safe), serving restaurants, convenience stores, and foodservice operators.
- • NCCO maintains deep customer relationships and a century-long market presence dating to its 1905 founding as National Checking Company; leadership continuity under President and CEO Ben Olk III (in role since 2007) was preserved through the transaction.
- • Gallant Capital, founded in 2018 by former Gores Group and OpenGate Capital professionals, closed its Fund II LP at $406 million in September 2024, positioning it to execute mid-market control acquisitions in technology, industrial, and business services sectors.
- • Gallant's investment thesis centers on operational support and capital deployment behind NCCO's product innovation, label portfolio expansion, and food safety solutions, with emphasis on leveraging the company's existing customer relationships and cultural foundation.
Summary
Gallant Capital Partners has completed the acquisition of NCCO, a St. Paul, Minnesota-based manufacturer specializing in labels and non-food consumable products for the foodservice and hospitality sectors. The transaction represents Gallant's continued deployment of capital from its $406 million Fund II LP, which achieved final closing in September 2024. While specific transaction valuation was not disclosed, the deal falls within Gallant's stated investment range of $15 million to $200 million for control positions in companies generating up to $40 million of EBITDA.
NCCO operates across a broad product spectrum serving mission-critical operational functions in restaurant and hospitality environments. Core offerings include food safety and rotation labels, tamper-evident labeling solutions, custom-branded products, guest checks, and register rolls. The company also manufactures proprietary software and technology platforms—notably DateCodeGenie (an automated labeling system), Task Manager (food safety software), and Always Food Safe (a training platform)—that extend its value proposition beyond consumables into operational workflow optimization and compliance management.
The company traces its origins to 1905, when Carl Raschick and Frank Minea established National Checking Company as a printer of coupon books and meal tickets for schools, cafés, gas stations, dairies, and railroads. NCCO has maintained leadership continuity under President and CEO Ben Olk III, who assumed the role in 2007 following his father's tenure. In his statement, Olk emphasized the importance of finding a partner aligned with NCCO's long-term orientation and commitment to employees and customers, citing Gallant's collaborative approach as the decisive factor.
Gallant's investment rationale centers on NCCO's entrenched market position, depth of customer relationships, and the mission-critical nature of its product portfolio. Anthony Guagliano, a Gallant partner, highlighted the company's differentiated product suite and respected standing within foodservice as core attractions. Managing Director Chris Suen identified opportunities for continued innovation across NCCO's labels portfolio, DateCodeGenie platform, and broader food safety solutions, with Gallant committed to providing resources and operational support while building on the existing foundation.
Gallant Capital, headquartered in Los Angeles, was founded in 2018 by Jon Gimbel and Anthony Guagliano (both former Gores Group professionals) and Desmond Nugent (formerly of OpenGate Capital). The firm focuses on control investments in technology, industrial, and business services companies, positioning NCCO within its core acquisition thesis for mid-market platforms with established customer bases and operational leverage opportunities.
NCCO operates across a broad product spectrum serving mission-critical operational functions in restaurant and hospitality environments. Core offerings include food safety and rotation labels, tamper-evident labeling solutions, custom-branded products, guest checks, and register rolls. The company also manufactures proprietary software and technology platforms—notably DateCodeGenie (an automated labeling system), Task Manager (food safety software), and Always Food Safe (a training platform)—that extend its value proposition beyond consumables into operational workflow optimization and compliance management.
The company traces its origins to 1905, when Carl Raschick and Frank Minea established National Checking Company as a printer of coupon books and meal tickets for schools, cafés, gas stations, dairies, and railroads. NCCO has maintained leadership continuity under President and CEO Ben Olk III, who assumed the role in 2007 following his father's tenure. In his statement, Olk emphasized the importance of finding a partner aligned with NCCO's long-term orientation and commitment to employees and customers, citing Gallant's collaborative approach as the decisive factor.
Gallant's investment rationale centers on NCCO's entrenched market position, depth of customer relationships, and the mission-critical nature of its product portfolio. Anthony Guagliano, a Gallant partner, highlighted the company's differentiated product suite and respected standing within foodservice as core attractions. Managing Director Chris Suen identified opportunities for continued innovation across NCCO's labels portfolio, DateCodeGenie platform, and broader food safety solutions, with Gallant committed to providing resources and operational support while building on the existing foundation.
Gallant Capital, headquartered in Los Angeles, was founded in 2018 by Jon Gimbel and Anthony Guagliano (both former Gores Group professionals) and Desmond Nugent (formerly of OpenGate Capital). The firm focuses on control investments in technology, industrial, and business services companies, positioning NCCO within its core acquisition thesis for mid-market platforms with established customer bases and operational leverage opportunities.
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