Centre Partners, a middle market private equity firm with offices in New York and Los Angeles, has sold its Stonewall Kitchen (SK) business to Audax Private Equity. Financial terms of the transaction were not disclosed.
Founded in 1991, SK is a manufacturer of specialty food and gift products, including jams, olive oils, bottled sauces, crackers and pancake mixes. The company has more than 6,000 wholesale accounts nationwide and internationally; an online direct-to-consumer business; a flagship campus in York, Maine, featuring a company store, café and cooking school; and nine retail company stores located throughout New England.
David Jaffe, managing partner of Centre Partners, said, “In partnership with the management team, we established Stonewall Kitchen as the premier specialty foods platform in North America through strategic expansion into new channels, categories, customers and brands. Stonewall Kitchen is well positioned for continued growth, and we wish the team success under new ownership.”
John Stiker, CEO of SK, said, “It has been a pleasure collaborating with the Centre team to execute on our shared vision for Stonewall Kitchen. We were able to achieve significant growth while maintaining Stonewall Kitchen’s authenticity and reputation for great tasting, innovative products. Our team is excited to continue growing the Stonewall Kitchen family of brands.”
Founded in 1986, Centre Partners is a private equity firm focusing on the consumer and healthcare sectors. Centre has invested more than $2 billion of equity capital in more than 80 transactions since its inception.
SK was founded in 1991 by partners Jonathan King and Jim Stott. The two established the SK brand by selling jams and jellies at local farmers’ markets with a line of distinctive products.