Baked goods manufacturer Harlan Bakeries has agreed to acquire Indiana-based food company AmeriQual, for an undisclosed sum.
Turning Rock Partners provided structured equity financing support for the acquisition, while existing shareholders and management also participated in the new round of capital.
AmeriQual produces, packages and distributes shelf-stable, refrigerated or frozen foods, sauces and condiments for a number of US institutions, including federal, state and local government agencies.
Harlan Bakeries President Hugh Harlan said: “I am excited for the opportunity to work with all of our employees to vertically integrate both businesses and to ensure continued growth and success for both companies.”
“The existing management of AmeriQual, led by President Dennis Straub and the team, has built an exceptional business,” said Louis Mayer, VP at Turning Rock Partners. “Harlan Bakeries has decades of expertise in this area and a commitment to scaling the business. Turning Rock recognised the synergies between the two firms and their commitment to quality, safety and their communities. We are delighted to partner with both firms on this transaction.”
AmeriQual Group president Dennis Straub commented: “The AmeriQual team is excited to be partnering with Harlan Bakeries as we move towards the next phase of our company’s growth. We believe that there are multiple growth opportunities with this combination and that our company cultures are very similar. We are excited about our future.”
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