Prospect Partners LLC said Oct. 4 that it sold its interest in Kronos Foods Inc to another private equity firm and management. Financial terms weren’t announced. Grey Mountain Partners, in a separate release, said it acquired Kronos. Glendale Heights, Illinois-based Kronos, a Mediterranean food manufacturer and distributor, sells gyro meat, pita, flatbread, filo products, hummus and sauces in the U.S. and Canada.
PRESS RELEASE
Chicago, Ill.— October 5, 2016: Prospect Partners, LLC, a leading private equity firm investing in lower-middle-market companies, today announced that it has sold its interest in Mediterranean food manufacturer and distributor Kronos Foods, Inc. (Kronos), of Glendale Heights, Ill., to another private equity firm and management. Prospect Partners initially acquired Kronos in 2004.
Kronos’s roots date back to 1975, when the Greek food company developed and marketed the first pre-formed gyro cones. Since that time, Kronos has become a highly differentiated manufacturer of Mediterranean and other premium foods, with distribution nationwide through foodservice channels and major retailers, including broadline and specialty distributors, club stores, mass merchants and grocery chains. Its products include gyros meat, pita/flatbreads, hummus, sauces, and desserts primarily under the Kronos and Sinbad Sweets brands. Kronos also produces custom products for QSR, fast-casual, and family dining restaurant chains.
“Kronos has achieved substantial growth through the leadership of its management team, led by CEO Howard Eirinberg,” said Lou Kenter, a Founding Principal of Prospect Partners. “We were fortunate to support significant growth initiatives that included a new state-of-the-art 208,000-sq-ft facility in Glendale Heights, extending the product line, and expanding nationwide distribution. The Kronos team did a great job executing the plan and building on the Kronos brand to become the leading company in the Mediterranean food category.”
Added Brad O’Dell, a Vice President of Prospect Partners, “With its focus on delivering a wide line of authentic, great-tasting Mediterranean and other specialty foods, Kronos was able to differentiate itself in the market. What’s more, we had a lot of fun working with such an energetic team with a deep passion for the business.”
Said Kronos CEO Eirinberg: “Prospect Partners has been a terrific partner in every respect. The team shared our entrepreneurial drive and steadfast commitment to product innovation and quality and helped us become the market leader we are today. We are very excited to build on this platform and to continue to enhance the Kronos brand.”
Said Kronos CEO Eirinberg: “Prospect Partners has been a terrific partner in every respect. The team shared our entrepreneurial drive and steadfast commitment to product innovation and quality and helped us become the market leader we are today. We are very excited to build on this platform and to continue to enhance the Kronos brand.”
About Prospect Partners
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has completed nearly 140 transactions nationwide in the building of 48 platform companies in widely diverse niche manufacturing, distribution, and specialty service markets. http://www.prospect-partners.com
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