Quad-C Management, a middle market private equity firm, announced that the firm and its management partners have sold portfolio company Cloverhill Bakery (Cloverhill), a manufacturer of individually wrapped sweet baked goods, to Switzerland-based global food business ARYZTA AG. The deal closed on March 25, 2014.
Quad-C invested in Cloverhill in 2009. During Quad-C’s investment period, Cloverhill has invested approximately $100 million in growth capital and grown revenue by more than 80 percent, according to the release.
“Back in 2009, Quad-C saw Cloverhill as an exciting opportunity to invest in a high growth market leader in the packaged foods space, but equally as important, to partner with an aggressive, talented management team willing to reinvest significantly with us as co-owners,” said Frank Winslow, partner, Quad-C Management, in a prepared statement. “We are thrilled with the outcome of our work together, which resulted in substantial expansion and the creation of long-term value for the company.”
The Cloverhill investment is one of many consumer-focused investments in Quad-C’s twenty-five year history.
“We are very pleased with the success of the Cloverhill investment and feel the partnership we created with management is indicative of our investment approach at Quad-C – one where interests are aligned among our limited partners, ourselves and management and where strategies are set in a collaborative fashion. We wish the team luck and look forward to their continued success,” added Steve Burns, senior partner, Quad-C Management.