Parry Sound, Ontario – February 3, 2021
Frontenac announced today that it has acquired a majority interest in Crofter’s Organic (“Crofter’s” or the "Company"), a leading manufacturer of branded and private label fruit spreads sold throughout North America. Financial terms of the transaction were not disclosed.
Founded in 1989 by Gabi and Gerhard Latka, and headquartered in Parry Sound, Ontario, Crofter’s is known for producing high-quality, organic fruit spreads, jams and preserves. Crofter’s has been a long-time partner to many grocery retailers, providing both private label and branded organic fruit spreads, jams, and preserves across North America. In late 2019, Crofter’s completed construction of a new, state-of-the-art production facility to provide ample capacity to meet strong product demand and position itself as one of the most advanced North American manufacturers in its category. The Latka family will retain a significant financial position in the business and will be key members of the management team going forward.
Teaming up with Frontenac is food industry veteran, Apu Mody who will serve as Executive Chairman, shepherding Crofter’s into a new phase of growth.
“I am thrilled to be partnering with Frontenac and the Latka family,” said Apu Mody. “I have been impressed with Crofter’s history and its dedication to sustainably producing high-quality, organic fruit spreads. We believe Crofter’s is well-positioned to expand its market penetration and accelerate growth. It has been terrific to work closely with the Latka Family on developing a vision for the future of Crofter’s, and I could not be more excited for the years ahead.”
Betsy Williamson, Managing Director of Frontenac, said, “Crofter’s fits with our experience in the food sector, across both private label and branded products. Through its commitment to quality and customer service, the Company has earned a strong reputation as a producer of high-quality fruit spreads to retailers and consumers alike. We could not be more impressed with what the Latka Family has built over the past 30 years, and we look forward to partnering with them on Crofter’s next chapter.”
Founder and President Gerhard Latka added, “We are so proud of the business we have built over the past 30+ years. It has been such an honor to see the organic food industry flourish from a grass-roots movement to a worldwide push towards a more sustainable food system. We are excited to continue our mission of bringing high quality, ethically sourced, and environmentally conscious foods to consumers everywhere and Frontenac will be an instrumental partner in making that a reality.”
Crofter’s is an Ontario-based manufacturer of private label and branded fruit spreads, which are primarily sold throughout North America. The Company’s fruit spreads come in a variety of flavors including strawberry, raspberry, blackberry, and blueberry. Crofter’s was founded in 1989 by Gabi and Gerhard Latka. Products are sold through national distributors and direct to retailers. For more information, please visit www.croftersorganic.com.
Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50 years, Frontenac has built a leading franchise working with over 275 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.