New Water Capital LP has invested in The Perfect Bite Co. Financial terms weren’t announced. Perfect Bite, of Glendale, California, develops recipes and products for national grocery and club brands, as well as airlines and other hospitality companies.
New Water Invests in Frozen Food R&D Innovator The Perfect Bite Co.
October 9, BOCA RATON, Fla. —An affiliate of New Water Capital L.P., a Boca Raton-based private equity firm focused on lower-middle market companies, announced it has made a growth capital investment in The Perfect Bite Co., a leading research, development and ideation firm for the frozen food industry.
Founded in 2006, Los Angeles-based The Perfect Bite Co. develops innovative recipes and products for a number of prominent national grocery and club brands, as well as airlines and other hospitality companies. President and CEO Teri Valentine built the company based on the philosophy that food should be handmade from scratch using high-quality ingredients. Products created by The Perfect Bite Co. are offered in over 20,000 U.S. retail locations.
Headquartered in Glendale, California, The Perfect Bite Co. is New Water’s second investment in the frozen food manufacturing and ideation space, and its third investment in the value-add specialty food category within the past 18 months. New Water and its affiliates invested in Pegasus Foods, a leading contract manufacturer of frozen appetizers and snacks, in March 2018, and acquired Custom Made Meals, a leading manufacturer of fresh, oven-ready, value-added entrees and appetizers, in April 2017.
New Water Capital partner Jason Neimark said The Perfect Bite Co.’s continued focus on growing its brand, along with its ability to create innovative, high-quality products to help strengthen its blue chip customers’ private-label products made it an attractive partnership for New Water.
“The Perfect Bite stands out in an industry that is experiencing significant tailwinds, driven by customer demand for innovative product and greater supply chain flexibility that coincides with a consumer shift towards private-label brands,” Neimark said. “We look forward to partnering with The Perfect Bite as the company continues to scale and expands its capabilities to continue to meet demand in this high growth category.”
“Our partnership with New Water will provide capital and extensive operational experience in frozen foods R&D and manufacturing for The Perfect Bite Company to continue its growth trajectory,” said Teri Valentine. “We look forward to working with them to realize our company’s full potential as we expand our team.”
About New Water Capital, L.P.
New Water Capital, L.P. is a private equity firm focused on lower-middle market companies in transition, in the consumer, retail and industrial manufacturing and services sectors, with revenues of $30 million to $300 million. New Water Capital’s collaborative transaction and operating model is built specifically to support companies in transition, building on their unique cultures and strengths. For more information, please visit www.newwatercap.com.