Brynwood Partners VII L.P., Greenwich, Conn., and its newly-formed portfolio company, JPC Acquisition Co., acquired Joseph's Pasta Co., Haverhill, Mass., from Nestlé Prepared Foods Co., Solon, Ohio. Nestlé acquired Joseph's in 2006. Terms and conditions of the transaction were not disclosed.
The Joseph's business is a manufacturer and marketer of premium frozen stuffed pasta for the foodservice segment. Joseph's incorporates time-honored recipes and methodologies to make a wide range of superior pasta and sauces products, including stuffed cannelloni, stuffed ravioli, stuffed tortellini, gnocchi and manicotti. The business employs more than 300 individuals.
"We are pleased to announce the acquisition of Joseph's from Nestlé," says Henk Hartong, senior managing partner, Brynwood Partners. "Joseph's manufactures delicious and unique products in its state-of-the-art manufacturing facility. We are excited about the opportunity to accelerate innovation and explore new distribution channels. We look forward to investing in the business and working with Joseph's loyal and talented employees to grow and enhance the business. I would like to thank the Nestlé team for its partnership and assistance in transitioning the business."
Brynwood has an established track record in the frozen food space. Including Joseph's, Brynwood Partners has now completed five acquisitions from Nestlé, with this being the second in 2013.