Key Takeaways
- • Harwood Private Equity has acquired Crest Foods, an Illinois-based manufacturer of dairy stabilizers, contract food packaging, and packaged-food product development services with approximately $100 million in annual turnover.
- • The transaction marks Crest Foods' exit from 74 years of family ownership under the Meiners family, which has operated the company since 1950, positioning it for institutional private equity ownership and growth capital.
- • Brown Gibbons Lang & Company (BGL) served as the sell-side advisor on the transaction, which was completed in February 2024 as part of Harwood Private Equity's lower middle market investment strategy.
- • Crest Foods serves both branded and private label food companies across the United States, positioning the portfolio company in a resilient co-manufacturing and ingredients supply vertical within the broader food and beverage sector.
Summary
Harwood Private Equity has completed the acquisition of Crest Foods, a leading US manufacturer and supplier of dairy stabilizers and contract food packaging solutions. The transaction, closed in February 2024, marks a significant ownership transition for the Illinois-based business, which has operated under family stewardship for over seven decades. Brown Gibbons Lang & Company facilitated the transaction on behalf of the seller.
Crest Foods operates as a diversified food manufacturing platform with three core competencies: dairy stabilizer production, contract food packaging services, and packaged-food product development. The company maintains a customer base spanning both branded food manufacturers and private label producers, providing essential co-manufacturing and ingredient supply capabilities across the US food and beverage market. The business generated approximately $100 million in annual turnover at the time of acquisition, positioning it within the lower middle market segment that Harwood Private Equity targets for investment.
The Meiners family built Crest Foods from its inception in 1950 into a recognized supplier within the food manufacturing ecosystem. The transition to Harwood Private Equity's ownership structure represents a generational transition typical of family-operated manufacturing businesses seeking capital infusion and operational scaling. According to available transaction details, Harwood intends to leverage its investment expertise to guide Crest Foods into its next phase of growth while maintaining operational continuity and customer relationships that have defined the company's market position.
For institutional investors monitoring food and beverage sector consolidation, this transaction reflects broader trends of family-owned food manufacturers seeking private equity partnerships to access growth capital, professional management infrastructure, and potential platform-building opportunities within the lower middle market segment.
Crest Foods operates as a diversified food manufacturing platform with three core competencies: dairy stabilizer production, contract food packaging services, and packaged-food product development. The company maintains a customer base spanning both branded food manufacturers and private label producers, providing essential co-manufacturing and ingredient supply capabilities across the US food and beverage market. The business generated approximately $100 million in annual turnover at the time of acquisition, positioning it within the lower middle market segment that Harwood Private Equity targets for investment.
The Meiners family built Crest Foods from its inception in 1950 into a recognized supplier within the food manufacturing ecosystem. The transition to Harwood Private Equity's ownership structure represents a generational transition typical of family-operated manufacturing businesses seeking capital infusion and operational scaling. According to available transaction details, Harwood intends to leverage its investment expertise to guide Crest Foods into its next phase of growth while maintaining operational continuity and customer relationships that have defined the company's market position.
For institutional investors monitoring food and beverage sector consolidation, this transaction reflects broader trends of family-owned food manufacturers seeking private equity partnerships to access growth capital, professional management infrastructure, and potential platform-building opportunities within the lower middle market segment.
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