Key Takeaways
- • Harwood Private Equity has acquired Crest Foods, a US-based manufacturer of dairy stabilizers and contract food packager, in a buyout transaction closed in February 2024 via Fund 5.
- • Crest Foods generated approximately $100 million in annual turnover and was family-owned and operated by the Meiners family since its founding in 1950.
- • The company serves both branded and private-label food manufacturers as a supplier of dairy stabilizers and contract packaging solutions, operating from Ashton, Illinois.
- • Brown Gibbons Lang & Company served as the exclusive financial advisor to the transaction; specific deal valuation and terms were not disclosed.
- • The acquisition represents Harwood Private Equity's entry into the dairy stabilizers and food packaging segment, signaling continued focus on the food and beverage sector.
Summary
Harwood Private Equity announced its acquisition of Crest Foods, a privately held Illinois-based food manufacturer with approximately $100 million in annual turnover. The transaction closed in February 2024 under Harwood's Fund 5 investment vehicle and was structured as a buyout of the family-owned business.
Crest Foods operates as a leading supplier of dairy stabilizers and provides contract food packaging and private-label food product development services. The company's customer base spans both branded food companies and private-label manufacturers, positioning it as a critical supplier within the broader food production ecosystem. Founded and managed by the Meiners family for over 70 years, Crest Foods maintained its operational headquarters in Ashton, Illinois.
Brown Gibbons Lang & Company, an investment bank and financial advisory firm, served as the exclusive financial advisor on the sale. Despite the announcement of the transaction, neither Harwood Private Equity nor the selling advisors disclosed the acquisition price or specific deal terms.
The acquisition reflects continued institutional capital interest in the food manufacturing and ingredients supply space. Harwood Private Equity's investment in Crest Foods adds to its portfolio of food and beverage sector investments and positions the firm to leverage the company's established customer relationships and technical expertise in dairy stabilization and contract manufacturing. The transaction represents a generational transition of the business from family ownership to professional private equity management.
Crest Foods operates as a leading supplier of dairy stabilizers and provides contract food packaging and private-label food product development services. The company's customer base spans both branded food companies and private-label manufacturers, positioning it as a critical supplier within the broader food production ecosystem. Founded and managed by the Meiners family for over 70 years, Crest Foods maintained its operational headquarters in Ashton, Illinois.
Brown Gibbons Lang & Company, an investment bank and financial advisory firm, served as the exclusive financial advisor on the sale. Despite the announcement of the transaction, neither Harwood Private Equity nor the selling advisors disclosed the acquisition price or specific deal terms.
The acquisition reflects continued institutional capital interest in the food manufacturing and ingredients supply space. Harwood Private Equity's investment in Crest Foods adds to its portfolio of food and beverage sector investments and positions the firm to leverage the company's established customer relationships and technical expertise in dairy stabilization and contract manufacturing. The transaction represents a generational transition of the business from family ownership to professional private equity management.
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