Private investment firm Stellex Capital Management has acquired Custom Made Meals (CMM), a US provider of oven-ready entrées, appetisers and sides for grocery retailers, from New Water Capital.
According to CMM, the recapitalisation is designed to support its expansion.
The partnership with Stellex will support new investment in automation and increased production capacity, as well as provide management expertise during the next phases of CMM’s growth.
Based in Denver, Colorado, CMM currently supplies more than 15,000 retail grocery locations across the US with its entrées and appetisers.
The company’s existing executive team will remain in place under the new ownership.
“At Stellex, we look for opportunities to invest in businesses that are undergoing or facilitating transformation,” said Trey Lee, principal at Stellex.
“CMM is providing its retail customers products that meet growing consumer demand for convenient yet high-quality, fresh foods.
“At the same time, CMM is also providing its customers product development and innovation along with a service, which reduces the complexities of procurement, labour management, food safety, shelf life and waste.
“We have witnessed the power of these trends within other food products, and CMM has the team, the scale and the new financial support of Stellex to continue paving the road in the fresh, ready-to-cook category.”
CMM president and CEO, Dale Easdon, added: “Our financial partnership with Stellex will provide the resources for CMM to continue its rapid expansion, both through geographic expansion and acquisition opportunities.
“This new investment in the company’s growth will give us the increased capacity, improved infrastructure and geographic flexibility to better serve our customers in meeting the demands of this fast-growing market.”
The financial terms of the transaction have not been disclosed.
© FoodBev Media Ltd 2020
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