Press & News
EMERAM‘s portfolio company frostkrone expands into the U.S., acquiring Rite Stuff Foods
Munich, 15 February 2019 - frostkrone Tiefkühlkost GmbH (“frostkrone“), a portfolio company of private equity firm EMERAM Capital Partners (“EMERAM“) and one of Europe’s leading manufacturers of frozen convenience food, has acquired the American company Rite Stuff Foods, Inc. (“Rite Stuff Foods“), which specializes in the production of potato snacks.
Following the acquisitions of the French snack and finger food manufacturers Piz ́wich and Varenne Gastronomie last year, frostkrone is once again expanding its product range and strengthening its international presence.
Rite Stuff Foods was founded in 1989 by Thomas J. Madden and is today one of the most important U.S. producers of potato specialties with more than 230 employees. The company is headquartered in Jerome, Idaho, and serves the food retail industry, the food service sector and various restaurants.
Frédéric Dervieux, CEO of frostkrone, said: “We have been exporting our products to the U.S. since 2017 so that this is a natural development for us. By acquiring Rite Stuff Foods, we now have a local presence that has come about as a result of developments and discussions with our trading partners. Rite Stuff Foods is firmly established in the U.S. and has an excellent network.”
Dr. Christian Näther, managing director of EMERAM, added: “With the acquisition of Rite Stuff Foods we are opening a new chapter of frostkrone’s corporate development. After having strengthened frostkrone's position in Europe over the last two years, the expansion into the U.S. is now the next step to further implement the company's growth strategy. We are convinced that with its successful history and U.S. roots, Rite Stuff Foods will be a strong platform not only to provide our existing customers in the U.S. with frostkrone's diverse product innovations, but also to develop new local customer potential.”
Since the beginning of 2017, frostkrone has been a portfolio company of EMERAM, an independent private equity firm for medium-sized companies in German-speaking countries. EMERAM is a long- term business development partner and supports the company with the consistent implementation of its growth strategy and international expansion.
The parties have agreed not to disclose any financial details of the transaction.
Rite Stuff Foods was founded in 1989 by Thomas J. Madden and is today is one of the most important U.S. producers of potato specialties with more than 230 employees. The company processes the original Idaho potato to produce baked and stuffed potatoes, stuffed potato boats and potato wedges in various flavors as well as potato pancakes, potato rolls and potato hearts. The products are available in the food retail industry, the food service sector and restaurants. Headquartered in Jerome, Idaho, the company is USDA audited and SQF certified.
The Frostkrone Food Group is a global market leader for frozen finger food, street food and snack products. It sells its diverse, innovative products in food retail outlets and in the food service sector in over 50 countries. Established in 1997, Frostkrone has gone on to become a global player with over 750 employees at six production sites in Germany, France, the UK and the USA.
EMERAM Capital Partners is a leading equity investment company for SMEs in German-speaking countries. As a business development partner, we foster the long-term growth of our portfolio companies with capital and expertise.
The funds advised by EMERAM invest in the consumer, technology/software and service sectors. Their total volume currently stands at EUR 400 million. In general, the funds acquire a significant stake in the company and give the respective management team an opportunity to invest, too.