NewSpring Capital, Radnor, Pa., announced that NewSpring Mezzanine, the firm’s mezzanine strategy, completed its investment to support the acquisition of Joseph’s Frozen Foods, Haverhill, Mass., in partnership with LaSalle Capital, Chicago.
Joseph’s manufactures frozen Italian pastas, specialty sauces, tray meals and other food kits for national restaurant chains, foodservice distributors, retailers and other industrial clients. Joseph’s plans to fuel its next phase of growth by continuing product innovation and facilitating production capacity expansion.
“Joseph’s customers consistently rank the company highly in terms of their satisfaction with its products, manufacturing capabilities and customer service,” says Andrew Panzo, general partner for NewSpring. “Combined with its state-of-the-art manufacturing facility, we believe the company’s longstanding customer relationships with industry-leading restaurants, distributors and retailers position the company well to further penetrate the foodservice market. We’re thrilled to partner with David and his team to help drive Joseph’s growth.”
“At Joseph’s, we do everything we can to provide our customers with the highest quality products they have come to know and appreciate,” said David Zwartendijk, chief executive officer of NewSpring. “At the same time, we see an opportunity to enhance our position in the market, and we’re excited to work with NewSpring and LaSalle Capital to continue growing this brand.”