Chicago private equity firm Arbor Investments has bought Fieldbrook Foods Corporation, a manufacturer or frozen novelty and ice-cream products. The details of the sale were not disclosed. Arbor Investments has $258 million of capital under management and invests in the food, beverage and related industries.
Arbor Investments, based in Chicago, Illinois, announced today that it has completed the acquisition of Fieldbrook Foods Corporation. Fieldbrook, headquartered in Dunkirk, New York, is one of the largest U.S. manufacturers of private label frozen novelty and ice cream products. Arbor partnered with Herman “Bing” Graffunder, a long-term dairy industry veteran, in its acquisition of Fieldbrook. Terms of the sale were withheld.
With a history dating back to 1914, Fieldbrook has developed a reputation for producing high quality private label products combined with outstanding customer service. The company previously operated as Dunkirk Ice Cream through four generations of Wells family ownership. Fieldbrook has more than 250,000 square feet of production space with the capability to run a wide variety of ice cream and novelty products. The company will continue to operate out of this facility and will be led by Ken Johnson, CEO and his existing senior management team.
“We are thrilled to partner with Bing Graffunder and the Fieldbrook team in continuing the tradition of this fine company,” said Joseph Campolo, Arbor President. “Fieldbrook’s management and employees have created an industry leading business with excellent distribution in supermarkets, mass merchandisers and value stores across North America.”
“We are excited about our partnership with Arbor and look forward to continuing our path of profitable growth” said Ken Johnson, CEO of Fieldbrook Foods. “Arbor and Bing will be valuable resources as we enter the next phase of growth in our business”.
Arbor Investments is a specialized private equity firm that invests in the food, beverage and related industries. The firm has $258 million of capital under management. Houlihan Lokey advised the sellers and Finn Dixon LLP provided legal counsel. DLA Piper LLP (US) served as Arbor’s legal counsel on the transaction.
For more information, please contact Arbor’s Joseph Campolo at 312.981.3781 or Richard Boos at 312.981.3778.