US-based private-equity firm Graham Partners has acquired freeze-dried food provider Mercer Foods.
However, the financial terms of the deal were not disclosed.
Founded in 1980, Mercer Foods is a major producer of natural and organic freeze-dried fruits, vegetables and other foods and ingredients.
Graham Partners managing principal Andrew Snyder said: “Mercer is a strategic fit for the Graham portfolio due to industry overlap with several of Graham’s portfolio companies, providing parallel access to industry expertise and familiarity with macro trends and existing and potential customers.
“Together, we see opportunities to enter new markets and channels with a goal of offering consumers a broader selection of higher quality, more nutritious food.”
Mercer Foods possesses internally designed, proprietary freeze-drying equipment to offer complete packaging solutions for branded, private label, and ingredient customers.
Middle market investment bank Harris Williams & Co acted as the exclusive advisor to Mercer Foods in the transaction.
Mercer Foods is a portfolio company of Frontenac Company (Frontenac) and Lake Pacific Partners, LLC (Lake Pacific).
Harris Williams managing director Tim Alexander said: “Mercer Foods steadily expanded under the ownership of Frontenac and Lake Pacific, and partnering with Graham Partners will allow the company to further capitalize on the clean label and better-for-you snacking megatrends in the food industry.”
Mercer operates a facility in Northern California, serving a diverse group of customers in a variety of end markets within the food products industry.
Graham’s investment in Mercer is expected to focus on the attractive conversion opportunities available in the freeze-dried food industry.
The private equity firm is focused on investing in businesses with advanced industrial technologies, innovative product offerings and strong growth potential.
