US global private equity firm, The Riverside Company, has agreed to acquire Texas-based food ingredients company Parker Products for an undisclosed price.
Parker Products serves the baking, dairy, beverage, confectionery, RTE and snack, and foodservice segments with inclusions and other specialty ingredients.
Its product offerings include toppings, flavor bases, icings, creative inclusions, swirls and grinds among others.
The investment from Riverside is expected to further fuel the growth of Parker Products.
Parker president Greg Hodder said: “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 longtime customers, the only change will be an increased capacity to meet their needs and offer them exciting new product possibilities.”
Post acquisition, the leadership team of the ingredient manufacturer will be retained.
Parker Products will be joining other specialty food companies of Riverside like Tate’s Bake Shop, YumEarth and Nustef Foods.
Riverside Partner Meranee Phing said: “As the food industry changes and consumers demand more unique and clean label products, Parker has the right capabilities, strong growth potential and the track record of being able to deliver for customers.”
In December 2016, Parker started construction of a new processing facility which is expected to increase its total production capacity by three times. The new plant is anticipated to accommodate anticipated growth after the acquisition by Riverside.
Parker would move its operations to the new location in Fort Worth, Texas once it is production ready in early 2018.
