Chicago-based private equity firm Geneva Glen Capital (GGC) has acquired Dianne’s Fine Desserts from Superior Capital Partners for undisclosed sum.
Chicago-based private equity firm Geneva Glen Capital (GGC) has acquired Dianne's Fine Desserts from Superior Capital Partners for undisclosed sum.
Dianne's product line Includes cheesecakes, layer cakes, pies and tarts, brownies/bars and individual minis and specialty desserts.
Based in Newburyport, Massachusetts, it offers frozen thaw-and-serve desserts to the foodservice industry, national restaurant chains, and the in-store bakeries of national grocery chains.
The company has three manufacturing facilities, including its private label in-store bakery provider, Daystar Desserts.
Dianne's CEO Mike Knowles said: "It was critical that we chose a partner who sees our vision and who would provide the resources, insight and flexibility to execute on a tremendous market opportunity. GGC certainly fit that bill."
In connection with the transaction, the Dianne's management team holds a significant equity interest in the firm.
GGC managing director Jeff Gonyo said: "Dianne's market position, coupled with the management team's deep expertise and passion, made this a great investment opportunity for us."
Dianne's also offers hundreds of indulgent desserts that anticipate consumer demand and support customer initiatives and goals.
Dianne's was carved out of Heinz Foodservice as a standalone platform in 2012 and has since broadened its product line, won new accounts, and penetrated the in-store bakery channel.
In 2014, it expanded its product range with the launch of three new gluten-free desserts. The new products included Chocolate Lava Divine cake, Brownie and Scoopable Cheesecake.
Superior managing director Andrew Wiegand said: "We invested heavily in the company's systems and production facilities and completed an acquisition to realize over 50% revenue growth and a ten-fold increase in earnings. The Company is now extremely well positioned to realize growth over the long-term."
