Private equity firm New Heritage Capital has invested in US-based Welcome Dairy Holdings, which provides dairy flavourings, cheese sauces, seasonings and functional cheese.

The company made the investment through its Private IPO solution, leaving operating control in the hands of the reinvesting founders and offering them the desired liquidity and financial flexibility to accelerate future growth.

New Heritage Capital partner Melissa Barry said: “We are incredibly excited to partner with Terry Eggebrecht, Terry Schneider and the entire Welcome Dairy team.

“We believe the company’s exceptional reputation, strong management team, and a unique full-service offering from flavour development through final manufacturing differentiate it as a true industry leader amongst its peers.

“We look forward to working with our management partners here to execute on their exciting growth plans for the future.”

Welcome Dairy is the result of a merger between Welcome Dairy and Gamay Food Ingredients in 2016.

The company was established to provide its customers with a full-service cheese ingredient offering, from product development to final manufacturing.

It provides dairy-based products and ingredients, offering a broad collection of proprietary recipes catering to a diversified, blue-chip customer base.

Welcome Dairy CEO Terry Eggebrecht said: “Welcome Dairy has been our family’s business going back nearly 70 years, and it was important for us to find a partner who would enable us to retain operating control and preserve our legacy.”

The companies have not disclosed the financial details of the investment.

Welcome Dairy was first established as a local manufacturer of Colby cheese in Colby, Wisconsin.