Brown Gibbons Lang & Co. (BGL) announced the sale of Crest Foods, a provider of dairy stabilizers, contract packaging, and branded and private label dry food manufacturing, to Harwood Private Equity (Harwood), an investor in lower middle market companies. BGL's Food & Beverage, Debt Capital Markets and Real Estate served as the exclusive financial advisor to Harwood. The specific terms of the transaction were not disclosed.
Founded in 1946, Crest Foods provides food manufacturing, packaging and product development services to branded and private label customers. The company operates three business lines:
- Ingredients: Develops stabilizer formulations and recipes for dairy products, including cottage cheese, cream cheese, yogurt, and dairy protein and plant-based beverages.
- Contract Packaging: Provides packaging services to branded and private-label dry food companies.
- Consumer Products: Specializes in outsource product development and turnkey manufacturing services for branded food companies.
The acquisition provides Crest with a partner who can lead the company into its next phase of growth while maintaining its dedication to providing value-added services to its customer base and consumer brands.
In conjunction with the acquisition, BGL facilitated a sale-leaseback of the affiliated 575,000-sq.-ft. contract packaging, distribution and warehousing facility in Ashton, Ill., via TPG Angelo Gordon’s Net Lease business.
