Riverside agrees to acquire US speciality ingredients maker Parker Products
Global private equity firm Riverside has agreed to acquire US-based custom speciality ingredients manufacturer Parker Products (Parker).
Parker’s product offerings include toppings, inclusions, grinds, flavour bases, icing, and swirls.
Financial details of the deal have not been divulged by the companies.
Parker president Greg Hodder said: “The acquisition of Parker Products by The Riverside Company is an investment opportunity that will accelerate growth.
“It will allow us to increase our capabilities and expand our product offerings. At the same time, we will still continue to offer our customers the same great service and intriguing ingredients we have always provided.
“For our long-time customers, the only change will be an increased capacity to meet their needs."
Riverside will include Parker in its growing portfolio of speciality food companies that includes Tate’s Bake Shop, Nustef Foods, Uinta Brewing Company, and YumEarth.
The equity firm will make use of its experience in the food and beverage sector to drive continued success for Parker.
Upon completion of the transaction, Riverside intends to retain the existing leadership team of Parker, which includes Hodder as president.
In December 2016, Parker's new facility started development in Strawn Drive in Fort Worth, Texas, US, which is slated for completion by early next year.
Once completed, Parker's entire operations will be moved to the new facility that is expected to triple the company’s total production capacity.
Jones Day (legal) advised Riverside, while Madison Capital and GMB Mezzanine Capital provided financing for the transaction.
Image: The Riverside Company will allow Parker Products to offer even greater capabilities for supporting intriguing food products like the pictured doughnuts. Photo: courtesy of Business Wire.