An investment fund managed by Lakeview Capital Inc., a Michigan-based family office, has closed its acquisition of The Mochi Ice Cream Co., makers of My/Mo Mochi Ice Cream and the largest branded manufacturer of mochi ice cream in North America. Lakeview Capital Inc. acquired the company from Century Park Capital Partners.
Headquartered in Los Angeles, California, My/Mo Mochi Ice Cream is the creator of the mochi ice cream category and the leading national brand currently available in more than 20,000 retailers throughout the United States. The company has more than a 100-year history and is credited with creating mochi ice cream, a handheld, portion-controlled snack of premium ice cream wrapped in sweet, pillowy rice dough.
Craig Berger, president and CEO of The Mochi Ice Cream Co., and the management team will remain with the company in their current roles under the new ownership. “Under Lakeview’s ownership, we are very excited to continue building on the incredible momentum we have generated,” Berger said. “Lakeview has a proven track record of success, and through our shared vision and collaboration we will continue to grow and expand our business.”
“We’re thrilled to be partnering with a focused, seasoned management team to support growth in the snack category, a segment we find very attractive,” said Jake Freeman, director of investments for Lakeview Capital Inc. “We are closely aligned with the team on our plans to deploy significant capital to continue to build a leading, global branded mochi snack platform.”
Financing for the transaction was provided by LBC Credit Partners, PineBridge Investments and WhiteHorse Capital. Advisors to Lakeview Capital Inc. on the transaction included Ropes & Gray as legal counsel and Plante Moran as financial and tax advisor. Houlihan Lokey served as financial advisor to Century Park and Winston & Strawn provided legal counsel. Terms of the transaction were not disclosed.