Brynwood Partners VII has sold frozen stuffed pasta manufacturer and marketer Joseph’s Frozen Foods to LaSalle Capital.
Financial details of the deal have not been divulged.
Headquartered in the US, Joseph’s produces frozen stuffed pasta and sauces at its 160,000ft² manufacturing facility and distributes them to independent restaurants, national chains, foodservice and industrial segments.
Its product portfolio includes stuffed cannelloni, ravioli and tortellini, as well as gnocchi and manicotti.
Brynwood Partners chairman and CEO Hendrik Hartong said: “We are delighted to announce the sale of Joseph’s to LaSalle Capital.
“Under Brynwood VII’s ownership, we worked closely with management to transform Joseph’s from a business that primarily focused on providing high quality, frozen stuffed pasta products, to one that provides a broad range of meal solutions including the expansion of the company’s product offerings into frozen meals and other meal kits.
“We look forward to watching the business continue to evolve and grow under LaSalle Capital’s ownership.”
Additionally, Joseph’s offers private label products and co-manufacturing services in a broad assortment of frozen pasta.
Brynwood Partners president, CFO and COO Ian MacTaggart said: “We are grateful to the over 200 employees of Joseph’s for their dedication to the business and commitment to making some of the finest frozen cuisines available. We wish LaSalle Capital and Joseph’s management continued success.”
For this deal, Piper Jaffray & Co served as investment adviser to Joseph’s and Holland & Knight provided legal counsel.
In January 2014, Swiss food giant Nestlé signed a deal with private equity investor Brynwood Partners to sell its frozen pasta business, Joseph’s Pasta, as part of its efforts to trim its portfolio of brands.
