US-based dairy products manufacturer Berner Food & Beverage has been acquired by a partner of Texas-based private equity firm Peak Rock Capital.
Berner is a manufacturer of private label cheese dips, alfredo sauce, salsa con queso, aerosol cheese products and also offers coffee and latte-based beverages.
The company's customers include several consumer packaged goods companies and private label retailers. The dairy products manufacturer owns a 2,000ft2 production facility in the outskirts of Chicago. The company offers a range of processed food and beverage solutions. It is more renowned for its cheese and dairy-based offerings.
Peak Rock Capital CEO Anthony DiSimone said: "Our acquisition of Berner highlights Peak Rock's continued desire to invest in industry leading food businesses where we can leverage the extensive sector experience of our principals and an experienced management team to drive growth and operational improvements. We continue to look for other attractive platform opportunities and add-on acquisitions that can drive meaningful value to our portfolio."
Peak Rock Capital Principal Robert Pistilli said: "Our decision to invest in Berner was predicated on a number of highly attractive characteristics of the business, including its broad product offering, best-in-class manufacturing capabilities and leading blue-chip customer base. We look forward to working with this talented management team in pursuing a number of near-term and compelling growth opportunities."
Berner Steve Kneubuehl CEO said: "Over nearly 75 years, Berner has built an industry-leading reputation for product quality and innovation. Under Peak Rock's ownership, we will have the added resources necessary to further grow the business and facilitate product expansion."
The acquisition is believed to be part of a large scale expansion move according to Stephenson County officials. Berner had submitted a $70m facility expansion plan to convert its 2,00ft2 facility to 18,000ft2, creating around 200 additional jobs at its Dakota headquarters. The documents were presented to the Stephenson County Zoning Board of Appeals, reported Journal Standard.
The financial terms of the deal were not disclosed. Established in 1943, Berner currently employees more than 300 people. Apart from its storage facilities in Freeport and Rock City, Berner also has a sales office in Roscoe.
