Deal Details
Hearthside Prepared Foods Manufacturing Assets Sale to CCM
Summary
Hearthside Food Solutions (“Hearthside”), a portfolio company of Charlesbank Capital Partners (“Charlesbank”) and Partners Group, sale of select ready-to-cook and ready-to-heat manufacturing assets to Custom Made Meals LLC (“CMM”), a portfolio company of Stellex Capital Management (“Stellex”). Terms of the transaction were not disclosed.
Baird served as exclusive financial advisor to Hearthside on this transaction.
About
Hearthside is a leading contract manufacturer and producer of baked foods, snacks, nutrition bars, frozen, refrigerated, and fresh sandwiches/entrees and a full-service provider of food packaging services for many of the world’s premier brands. In 2018 Hearthside was acquired by Charlesbank Capital Partners and Partners Group. Hearthside is headquartered in Downers Grove, Illinois.Charlesbank is a middle-market private investment firm with more than $17 billion of capital raised since inception. The firm focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit and technology investments. Charlesbank seeks to build companies with sustainable competitive advantage and excellent prospects for growth. Charlesbank is headquartered in Boston, Massachusetts and New York, New York.
Partners Group is a leading global private markets firm. Since 1996, the firm has invested $210 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate attractive returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. With $147 billion in assets under management as of 31 December 2023, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. Partners Group employs more than 1,900 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, Colorado; and Singapore.
Custom Made Meals is a manufacturer of fresh, oven-ready, value-added entrees and appetizers. With scaled, centralized production capabilities, fresh supply chain expertise, and flexible logistics, CMM is uniquely positioned as a leading US supplier in the space capable of serving retailer locations nationwide with product SKU breadth, depth, and complexity. CCM is headquartered in Denver, Colorado.
Stellex is a private equity firm with over $2.8 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that stand to benefit from its operationally focused and hands-on approach to investing. Portfolio companies are supported by Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include aerospace, defense & government services, transportation & logistics, manufacturing, real economy & business services, food processing and tech-enabled services. Stellex is headquartered in New York, New York and has offices in New York, Detroit and London.
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- Date
- April 2024
- Company
- Hearthside Food Solutions
- Transaction
- M&A - Sellside
- Sectors
- Consumer
- Verticals
-
Food & Beverage
- Target Geography
- North America
- Acquiror Geography
- North America
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