Westbrook, ME – September 6, 2017
Schlotterbeck & Foss, LLC (“S&F” or the “Company”), a leading manufacturer of specialty sauces and condiments, announced that management, together with Frontenac has completed a recapitalization in support of future growth plans for the company. Terms of the private transaction were not disclosed.
Headquartered in Westbrook, Maine, S&F manufactures specialty food products with natural, non-GMO and organic ingredients in their new, SQF-certified facility. S&F’s leadership and team will continue to be actively involved in operating the business going forward.
“For over 150 years S&F has been synonymous with small batch, quality sauces and condiments. For the last fourteen years I have had the pleasure of leading a great team of hard working people. Together we have been able to create and manufacture truly outstanding products for our customers,” said Paul Dioli, Chief Executive Officer, “I am confident that Frontenac is best suited to help S&F continue and accelerate company growth.”
Frontenac brings a long track record of experience in the food sector including investments in Mercer Foods, Spice Chain Corporation, Wenner Bread Products, Health Valley Foods, Levy Restaurants, Chipotle, and Alfalfa’s Market among others. Joining the S&F board will be Walter Florence and Betsy Williamson, of Frontenac.
“Frontenac has a history of backing outstanding executives in high potential companies” said Walter Florence, Frontenac Managing Partner. “We are confident that Schlotterbeck & Foss’ leadership team will continue to develop innovative, premium private label products to fill their customers’ needs.” Betsy Williamson, a Principal with Frontenac, added “We have tracked the private label and sauces sectors for some time and Schlotterbeck is a standout in these sectors providing the highest quality products. We are excited to partner with the Company and leadership team.“
Today, S&F manufactures its branded and premium private label specialty food products for leading grocery retailers. The company consistently introduces innovative new products with the highest quality ingredients. Signature products typically have vibrant colors, distinctive flavors and whole pieces of fruits or vegetables. This distinction is a result of their unique, small batch manufacturing processes.
Lincoln International served as exclusive financial advisor and Drummond Woodsum served as legal counsel to S&F. Kirkland & Ellis LLP served as legal counsel to Frontenac.
Frontenac is a leading private equity firm, based in Chicago. The firm focuses on investing in lower middle market buyout transactions in the food, industrial, and services industries. Frontenac works in partnership with proven operating leaders, through our executive-centric approach called CEO1ST, to identify, acquire, and build market leading companies through transformational acquisitions and operational excellence. The firm has built a leading franchise working with over 225 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.