October 3, 2023
Partnership to Support Innovative Food Manufacturer’s Long-Term Growth Through Continued Product Innovation, Customer Expansion and Strategic Acquisitions
CHICAGO – October 3, 2023 – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced it has acquired Sugar Foods Corporation (“Sugar Foods”), a food company serving prominent foodservice, grocery, retail and restaurant brands. PPC’s partnership will provide Sugar Foods with additional financial resources and industry expertise to accelerate its growth and operational expansion while strengthening its leading food innovation capabilities. PPC is investing alongside members of the Sugar Foods management team, who will continue to lead the business.
Headquartered in Westlake Village, California, Sugar Foods produces crunchy toppings, croutons, ready-to-use pizza toppings and beverage ingredients consumed more than 1,250 times every second by consumers. The company serves more than 3,000 customers, including many of the world’s most well-known grocery retailers, foodservice providers and quick-service and casual dining restaurants. Sugar Foods is an essential menu development and innovation partner for its customers, having launched more than 200 new products since 2020. The company’s products are sold through its Fresh Gourmet, Mrs. Cubbison and N’Joy brands, as well as private label and licensed products. Sugar Foods operates five facilities across the United States and Mexico with a team of more than 1,400 employees.
“Sugar Foods is a top provider of the essential ingredients of menu items that customers are demanding,” said Chris Trick, Investment Partner at PPC. “The company is led by a strong team, and we continue to be impressed by its robust capabilities and track record of successful product innovations. We look forward to partnering with the Sugar Foods team through the company’s next chapter, as they capitalize on compelling growth opportunities, pursue strategic add-on acquisitions and further cement the company’s position as a partner of choice to its customers.”
“We sought to partner with PPC because of their track record honoring family legacies and their shared commitment to our core values,” said Marty Wilson, CEO of Sugar Foods. “With their support, Sugar Foods will be even better positioned to pursue exciting organic and acquisition growth opportunities, while preserving our rich employee-focused culture. We are thrilled to partner with the PPC family.”
Andrea Brule, President at Sugar Foods, added, “Over the course of Sugar Foods’ nearly 75-year history, we have worked tirelessly to put our customers first and provide high-quality products that consumers love. Together with PPC as our partners, we will continue to build on our award-winning reputation for product innovation and customer service.”
Terms of the transaction were not disclosed. Evercore served as exclusive financial advisor to Sugar Foods. Houlihan Lokey served as exclusive financial advisor to Pritzker Private Capital.
About Sugar Foods Corporation
Sugar Foods Corporation is a multinational food products company serving all segments of the marketplace – foodservice, retail, specialty and quick-service outlets. Founded in New York City in 1948, Sugar Foods’ brands include Fresh Gourmet, Mrs. Cubbison and N’Joy, along with private label and licensed products, and the company is a leader in producing crunchy toppings, croutons, beverage ingredients, pizza toppings and more products beloved by consumers. Sugar Foods has won numerous industry awards for product innovation, operational excellence and customer service. Backed by more than 1,400 employees, Sugar Foods operates five facilities across the United States and Mexico. For more information, visit sugarfoods.com.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.
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