Grey Mountain Partners has sold Kronos Foods to Entrepreneurial Equity Partners. Grey Mountain partnered with the company in September 2016 with the goal of developing and expanding its differentiated offering of world cuisine by providing best in class new product innovation to a broader customer base.
A company spokesperson said Grey Mountain is grateful for the opportunity to have worked with Kronos Foods’ “incredibly talented and dedicated management team and the company’s 270-plus employees.”
Harris Williams & Co. served as exclusive financial advisor to Kronos and Grey Mountain in the transaction.
The transaction was led by Tim Alexander, Brant Cash, Brant Wilczek and Richard Furseth of the Harris Williams Consumer Group.
“Kronos’ differentiated offering of world cuisine, premier innovation and customer-centric culture has driven significant growth over the past several years,” said Alexander, a managing director at Harris Williams. “Ensuring investors fully appreciated Kronos’ story and capabilities required an advisor with extensive expertise in food. We are excited to find a partner for our client in e2p that we believe will build upon Kronos’ recent momentum.”
“Investors are attracted to the food and beverage sector for its stability and are particularly looking for businesses with a proven history driving growth through innovation. Companies like Kronos, with a leading position in Mediterranean foods and the flexibility to expand into new, value-added protein and bakery products, are positioned to thrive in the evolving food industry,” said Cash, a managing director at Harris Williams.
Harris Williams is a subsidiary of the PNC Financial Services Group Inc.
Founded in 1975, Kronos is a provider of global cuisine, including authentic Mediterranean foods, ready-to-eat proteins, plant-based proteins and value-added bakery products. The company’s exclusive KronoBroil technology further provides pre-cooked, ready-to-eat gyros slices for chain restaurants, educational institutions and other foodservice providers.
Grey Mountain Partners is a Boulder, Colorado-based private equity firm that focuses on partnering with management to create lasting value through operational improvements and strategic growth initiatives. Since 2003, Grey Mountain has focused on the small end of the middle-market, investing in more than 40 companies across a wide range of industries. The firm is currently investing its $425 million Fund III and is actively pursuing new investment opportunities.
Entrepreneurial Equity Partners is a middle market, Chicago-based private equity firm focused on control-oriented investments in the food and consumer packaged goods industries. Its team of professionals includes experienced food and consumer packaged goods executives and investors who bring an entrepreneurial mindset and extensive industry networks to supporting and collaborating with portfolio company teams.