Private equity firm The Riverside Company has announced it has acquired ingredients maker for the food service industry Parker Products.
The deal will see Parker Products increase its production capacity as well as develop new products.
Parker’s leadership team will remain in place following the acquisition, including Greg Hodder as president. It is expected the purchase will be completed in early 2018 when Parker’s operations will move to a new location on in Fort Worth, Texas.
It is estimated that new facility will triple the company’s production capacity, accommodating anticipated growth following the acquisition.
Parker president Greg Hodder said: “The acquisition of Parker Products by The Riverside Company is an investment opportunity that will accelerate growth.
“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 long-time customers, the only change will be an increased capacity to meet their needs and offer them exciting new product possibilities.”
Riverside has a growing portfolio of specialty food companies including Tate’s Bake Shop, Nustef Foods, Uinta Brewing Company, and YumEarth. The firm aims to use its experience with diverse food and beverage brands to drive continued success for Parker.
Riverside partner Meranee Phing said: “Parker Products has built its reputation on exceptional customer service and the unmatched quality of its products.
“We’re excited about helping the company achieve its full potential by serving existing customers more broadly and winning new customers as it increases in scale and offerings.”
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