CHICAGO – Pritzker Private Capital (PPC) and HF Capital have acquired a significant stake in Monogram Foods, a maker of meat snacks, corn dogs, frozen appetizers, hot dogs, sausages, pre-cooked bacon and of portable snacks and sandwiches based in Memphis, Tennessee. Assembly. Financial terms of the investment were not disclosed.
Current owners, including co-founders Karl Schledwitz and Wes Jackson, and other members of Monogram Foods management will remain significant owners and continue to run the business, the companies said.
Founded in 2004, Monogram operates 10 manufacturing sites in six states and has more than 3,000 employees. The company plays a vital role in the supply chain for its co-manufacturing, private label and restaurant customers.
“Monogram Foods is an established leader in the prepared foods industry with best-in-class manufacturing capabilities and a long-standing commitment to food safety, sustainability and social impact,” said Chris Trick, partner at investment at PPC. “Monogram is led by a world-class management team and holds market-leading positions in its categories and attractive opportunities for long-term growth and expansion. We are delighted to partner with Karl and the team and support Monogram in its next phase of growth.
Mr. Schledwitz said PPC is the “ideal partner” to support Monogram’s next chapter of growth. Monogram has already this year acquired Quality Food Processors, based in Denison, Iowa, and announced plans to build a new 135,000 square foot food production plant and distribution center in Haverhill, Mass. The facility will serve as a distribution center for Monogram Foods production. facilities in the Greater Boston area and expects operations to begin in April 2022.
“This partnership will help our business grow through strategic acquisitions, expand our facility footprint nationwide, strengthen our R&D capabilities and provide new opportunities for our talented team,” said Mr. Schledwitz.
PPC partners with mid-market companies based in North America that hold leadership positions in the manufacturing, service and healthcare industries. The company’s portfolio includes CH Guenther & Son, a producer of a variety of branded and private label food products for food service, quick service restaurants, clubs and retail customers. PPC acquired San Antonio-based CH Guenther & Son in 2018.
HF Capital invests capital on behalf of the Haslam family, based in Knoxville, Tennessee. This includes direct investments in operating companies as well as investment commitments to exceptional managers of liquid and illiquid investments across a range of asset classes and geographies.