Key Takeaways
- • Pritzker Private Capital (PPC) portfolio company C.H. Guenther acquired House-Autry Mills, a 214-year-old North Carolina breader and dry mix manufacturer, marking CHG's seventh add-on since PPC's 2018 acquisition of the San Antonio baked goods producer.
- • House-Autry generated $838 million in US batter and breader mix sales in 2025, operating in a market forecast to reach $1.4 billion by 2035 and growing at 6.2% annually through 2031 on a global basis (Global Market Insights and Mordor Intelligence).
- • The acquisition represents CHG's third add-on in 15 months, reflecting PPC's strategy of building a diversified specialty food platform through bolt-on acquisitions in complementary categories including custom-formulated ingredients, tortillas, baked goods, and seasonings.
- • House-Autry operates two manufacturing facilities (North Carolina and Georgia) and generates revenue through dual channels: retail grocery and foodservice distribution to quick-service restaurants, convenience stores, and institutional kitchens, with significant custom formulation capabilities serving major QSR customers.
- • PPC is deploying capital from its fourth fund, which closed in August 2025 with $3.4 billion in capital, targeting North American food and specialty industrial companies with enterprise values between $200 million and $2 billion.
Summary
Pritzker Private Capital completed the acquisition of House-Autry Mills, a 214-year-old North Carolina producer of breaders, batters, and dry mixes, for its portfolio company C.H. Guenther & Company. The transaction represents CHG's seventh add-on acquisition since PPC acquired the San Antonio–based baked goods manufacturer from the Guenther family in April 2018. Notably, House-Autry is the third add-on closed within the past 15 months, signaling an accelerated pace of portfolio consolidation under the PPC ownership structure.
House-Autry manufactures dry coatings and mixes used by restaurants and home cooks for frying and baking applications. The company's product portfolio includes chicken and seafood breaders, biscuit and cornbread mixes, pancake and waffle mixes, gravy mixes, seasonings, marinades, and grits, marketed under the House-Autry, Captain Foods, and SharkBite brands. A material portion of House-Autry's business derives from custom formulation—developing breaders and seasonings to customer specifications for production under the customer's private label. The company operates manufacturing facilities in Four Oaks, North Carolina (30 miles southeast of Raleigh) and Georgia, serving retail grocery channels and foodservice customers including quick-service restaurants, convenience stores, and institutional kitchens.
The breader and batter mix market represents a high-growth segment within the broader food ingredients sector. US batter and breader sales reached approximately $838 million in 2025 and are projected to climb to roughly $1.4 billion by 2035, according to Global Market Insights. Mordor Intelligence estimates the global market at $3.2 billion in 2026, expanding at a compound annual growth rate of 6.2% through 2031, with North America representing 36.2% of 2025 sales. The acquisition aligns with sector consolidation trends; Advent International acquired Sauer Brands in January 2025, while Woodland Gourmet acquired International Spices in October 2025.
CHG's acquisition strategy under PPC ownership has progressively expanded the platform's capabilities across complementary food categories. Prior add-ons include CookieTree Bakeries (2018), Wback (German buns, 2019), Mid South Baking (2019), Baldinger Bakery and Sons Bakery (2022), Fresca Mexican Foods (2025), and Mejicano Foods (2026). The House-Autry acquisition extends CHG's footprint into dry mixes and custom-formulated coatings, strengthening its position in value-added ingredient categories with authentic Southern flavor profiles. Rod Hepponstall, who assumed the role of CHG chief executive in November 2023 following his tenure as chief executive of High Liner Foods, characterized the acquisition as a "rare combination of deep heritage, trusted customer relationships, strong custom formulation capabilities and a reputation for quality and service."
PPC, headquartered in Chicago with a Los Angeles office, is investing from its fourth fund, which closed in August 2025 with $3.4 billion in oversubscribed capital. The firm targets North American companies with enterprise values between $200 million and $2 billion and EBITDA above $15 million, deploying $100 million to $400 million of equity per transaction with capacity to deploy up to $750 million. Westerra Capital served as financial advisor to House-Autry on the transaction.
House-Autry manufactures dry coatings and mixes used by restaurants and home cooks for frying and baking applications. The company's product portfolio includes chicken and seafood breaders, biscuit and cornbread mixes, pancake and waffle mixes, gravy mixes, seasonings, marinades, and grits, marketed under the House-Autry, Captain Foods, and SharkBite brands. A material portion of House-Autry's business derives from custom formulation—developing breaders and seasonings to customer specifications for production under the customer's private label. The company operates manufacturing facilities in Four Oaks, North Carolina (30 miles southeast of Raleigh) and Georgia, serving retail grocery channels and foodservice customers including quick-service restaurants, convenience stores, and institutional kitchens.
The breader and batter mix market represents a high-growth segment within the broader food ingredients sector. US batter and breader sales reached approximately $838 million in 2025 and are projected to climb to roughly $1.4 billion by 2035, according to Global Market Insights. Mordor Intelligence estimates the global market at $3.2 billion in 2026, expanding at a compound annual growth rate of 6.2% through 2031, with North America representing 36.2% of 2025 sales. The acquisition aligns with sector consolidation trends; Advent International acquired Sauer Brands in January 2025, while Woodland Gourmet acquired International Spices in October 2025.
CHG's acquisition strategy under PPC ownership has progressively expanded the platform's capabilities across complementary food categories. Prior add-ons include CookieTree Bakeries (2018), Wback (German buns, 2019), Mid South Baking (2019), Baldinger Bakery and Sons Bakery (2022), Fresca Mexican Foods (2025), and Mejicano Foods (2026). The House-Autry acquisition extends CHG's footprint into dry mixes and custom-formulated coatings, strengthening its position in value-added ingredient categories with authentic Southern flavor profiles. Rod Hepponstall, who assumed the role of CHG chief executive in November 2023 following his tenure as chief executive of High Liner Foods, characterized the acquisition as a "rare combination of deep heritage, trusted customer relationships, strong custom formulation capabilities and a reputation for quality and service."
PPC, headquartered in Chicago with a Los Angeles office, is investing from its fourth fund, which closed in August 2025 with $3.4 billion in oversubscribed capital. The firm targets North American companies with enterprise values between $200 million and $2 billion and EBITDA above $15 million, deploying $100 million to $400 million of equity per transaction with capacity to deploy up to $750 million. Westerra Capital served as financial advisor to House-Autry on the transaction.
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