An affiliate of New Water Capital Partners L.P., a Boca Raton-based private equity investment firm focused on lower-middle market companies, has closed on the acquisition of Denver-based Custom Made Meals, a leading manufacturer of fresh, oven-ready, value-added entrees and appetizers sold in more than 6,000 retail grocery locations nationwide. In addition, as part of the transaction, New Water acquired Custom Corned Beef, Inc., a manufacturer of raw and cooked corned beef, roasts and deli meats.
The transaction allows majority owners, the Jewsbury family, who founded Custom Corned Beef in 1977, to exit the business. The Jewsbury family and John Birdsall, currently president of Custom Made Meals, acquired Custom Made Meals in 2009 from Maverick Ranch. Birdsall, who operated Custom Made Meals under the ownership of Maverick Ranch, will remain with Custom Made Meals as President and Board member.
"I'm extremely excited about our partnership with New Water," Birdsall said. "After meeting with several prospective partners over the past six months, we found New Water Capital to be the best fit for our company's goals. They believe in us, our company, our management team and staff, and are ready to help us take Custom Made Meals and Custom Corned Beef to the next level."
New Water partner Jason Neimark said Custom Made Meals is well positioned for growth and expansion into new markets. "The company has shown a steady trajectory at a time when consumer demand for convenient, ready-to-cook meals continues to grow substantially," Neimark said. "At the same time, rising labor costs and stricter health and safety requirements have made it less cost-effective for supermarkets to prepare ready-to-cook foods in-house, providing more growth opportunities."
"By investing in manufacturing infrastructure, new automation technologies, and management expertise to help the company streamline and optimize its operations, New Water will help Custom Made Meals expand its market share in this highly fragmented sector," said New Water partner John Disa. "It is an amazing opportunity for both companies."
Triton Capital Partners was exclusive financial advisor to the company with respect to this transaction. Private Bank & Trust Company provided the senior debt financing for the transaction.
Source: New Water Capital Partners LP