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Trivest Partners, a private equity firm focused on investing in founder- and family-owned businesses, has announced the sale of its portfolio company, IPMF (operating as NaturPak) to PPC.

Founded in 2007 and headquartered in Janesville, Wisconsin, NaturPak has evolved from a small speciality co-manufacturer into a recognised leader in the production of bone broths, soups, sauces and wet pet food.

Under Trivest’s stewardship since a minority investment in October 2020, NaturPak has undergone a substantial transformation, enhancing its manufacturing capabilities, expanding production capacity, and solidifying its customer-centric approach.

Aaron Jackson, CEO of NaturPak, commented: “[Trivest's] support and shared vision were instrumental in helping us scale NaturPak into an innovative manufacturing platform that serves many of the nation’s leading retailers and brands”.

Jackson's comments reflect the successful collaboration that enabled NaturPak to achieve significant organic growth and establish itself as a multi-segment platform renowned for manufacturing excellence.

Jamie Elias, managing partner at Trivest, highlighted the effective execution of their “Path to 3x value creation strategy” during the partnership, noting that aligning around a shared vision and investing in leadership and manufacturing capabilities were key factors in NaturPak’s success.

NaturPak is distinguished as the largest North American manufacturer utilising Tetra Recart, a fibre-based, BPA-free packaging technology that offers a sustainable alternative to traditional packaging methods for shelf-stable human and pet food products.

William Blair served as the lead financial advisor to NaturPak, with Westlake Securities acting as a co-advisor. Reed Smith LLP provided legal counsel throughout the transaction.

Financial terms of the deal have not been disclosed.