U.S. private equity firm Graham Partners has invested in Giraffe Foods Inc, a Toronto-based maker of custom sauces, marinades, dips and dressings.
Terms weren’t disclosed for the deal, which saw Graham partner with the company’s family owner-operators. Giraffe is led by CEO and Founding Partner Ari Powell.
Established in 1997, Giraffe serves industrial food processors, retailers and food service providers across North America.
Graham said it will support a growth plan that includes operational initiatives, geographic expansion and add-on acquisitions.
Varagon Capital Partners served as administrative agent and lead arranger for a credit facility that backed the transaction.
Graham Partners Dips Into High Growth Industry With Latest Investment
PHILADELPHIA, December 11, 2018 – Graham Partners, a private investment firm targeting industrial technology and advanced manufacturing companies, is pleased to announce that it has invested in Giraffe Foods Inc. (“Giraffe”). Headquartered in Toronto, Canada, Giraffe is a manufacturer of custom sauces, marinades, dips, and dressings for industrial food processor, retail, and foodservice customers throughout the U.S. and Canada. Giraffe is benefiting from multiple conversion-driven growth catalysts, including increased demand for private label, global flavors, organic, and better-for-you foods, all of which are fueling brand, flavor, and product proliferation. Giraffe is well positioned to capitalize on growth within the foodservice, retail, and industrial segments due to the company’s experienced, innovation-focused in-house culinary R&D team and state-of-the-art manufacturing capabilities.
Giraffe is the fourth platform investment completed in 2018 that was sourced out of Graham Partners’ targeted Investment Theme Program. Graham conducted an investment theme study on the fast growing custom sauce industry and identified Giraffe as an optimal candidate in the space. Ultimately, Graham’s sourcing efforts resulted in a significant investment in Giraffe with the family owner-operators of the business. Graham’s growth plan for Giraffe incorporates driving profitability through operational initiatives, geographic expansion, and add-on acquisitions, while leveraging positive industry trends and the company’s strong competitive positioning to continue rapid topline growth.
Andrew Snyder, Managing Principal at Graham Partners, states, “Graham was attracted to Giraffe’s exceptional R&D and manufacturing capabilities, as well as the company’s strong track record of innovation. We are excited to partner with the company and utilize our experience and industry resources to further accelerate the growth of the business.” Ari Powell, CEO of Giraffe, adds, “Graham’s family heritage resonated with the Giraffe team because it aligns with our company’s values and history; we believe Graham is uniquely qualified to assist us in growing our company.” Steven Graham, CEO of Graham Partners, concludes, “Giraffe is a great fit for our portfolio given the company’s conversion-driven growth and industry overlap with several of Graham’s current portfolio companies. We look forward to partnering with the Giraffe team.”
About Giraffe (giraffefoods.com)
Giraffe, based in Toronto, Canada, is a manufacturer of custom sauces, marinades, dips, and dressings for industrial food processor, retail, and foodservice customers. Giraffe is benefiting from multiple conversion-driven growth catalysts, including increased demand for private label, ethnic, organic, and better-for-you foods, all of which are fueling brand, flavor, and product proliferation. Giraffe is well positioned to capitalize on growth within the foodservice and industrial segments due to the company’s exceptional in-house R&D team and state-of-the-art manufacturing capabilities.
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