PE-backed Thrive Foods acquires Freeze-Dry Foods

The seller is Cumming Capital.

  • Thrive Foods is a maker of freeze-dried products
  • e2p invests in the food and consumer packaged goods industries
  • Mubadala Capital is the asset management subsidiary of Mubadala Investment Company

Thrive Foods, which is backed by Entrepreneurial Equity Partners and Mubadala Capital, has acquired Freeze-Dry Foods, a maker of freeze-dried products. The seller is Cumming Capital. No financial terms were disclosed.

Thrive Foods is a maker of freeze-dried products including fruits & vegetables, proteins, pet treats, probiotics, enzymes, and prepared meals.

Steve Palmer, CEO at Thrive Foods, said in a statement, “We are very pleased with the acquisition of FDF, which will further expand Thrive’s manufacturing capabilities and add to our existing geographic footprint throughout the United States. We are impressed with FDF’s focus on high-quality products and look forward to executing upon several key initiatives and opportunities together to fuel further growth.”

Headquartered in Albion, New York, Freeze-Dry Foods is a contract manufacturer of freeze-dried products, including pet treats, proteins, and ingredients. FDF was founded in 1968.

Based in Modesto, California and American Fork, Utah, Thrive Foods is a manufacturer of freeze-dried fruits & vegetables, proteins, pet treats, probiotics, enzymes, and prepared meals.

e2p is a middle market, Chicago-based private equity firm focused on control-oriented investments in the food and consumer packaged goods industries.

Mubadala Capital is the wholly owned asset management subsidiary of Mubadala Investment Company, a $284 billion global sovereign investor headquartered in Abu Dhabi.

Mubadala Capital has offices in New York, San Francisco, London, Rio de Janeiro, and Abu Dhabi.