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Private equity firm Redwood Holdings has agreed to buy food ingredient company Newly Weds Foods for around $4 billion, according to Reuters. Newly Weds Foods is a US-based producer of premium batters, breadings, coatings, spices and seasonings for the processed food industry. It was founded in 1932 by Paul Angell, who developed a technology that allowed sheet cake to be rolled without cracking and combined with ice cream. The food producer is owned by the Angell family, who explored a sale after Charles Angell, who took over the business from his father Paul, died last year, people familiar with the matter said. Redwood Holdings is a family office set up by billionaire cousins Jim Davis and Steve Bisciotti to invest their wealth – with the deal said to be “one of the biggest to be carried out by a family office”. The report states that Newly Weds Foods’ CEO Brian Johnson will continue to lead the company once the deal is complete. Both companies declined to comment on the transaction.