Brynwood Partners V L.P. announced November 19 that it has sold its investment in Richelieu Foods Inc. to Centerview Partners Holdings LLC. The transaction closed November 18 and the terms and conditions of the transaction were not disclosed.
Richelieu Foods, headquartered in Randolph, Mass., is a leading manufacturer of private label frozen pizza and salad dressings. Brynwood V acquired Richelieu Foods in 2005 and over the past five years the company has more than doubled its annual sales as a result of both acquisition and organic growth. Richelieu Foods currently employs over 650 people and operates four manufacturing facilities in the U.S. Richelieu Foods' management team will remain with the company after the closing.
"We are delighted to announce the divestiture of Richelieu Foods," said Hendrix J. Hartong III, chairman, Richelieu Foods, and senior managing partner, Brynwood Partners. "We are grateful to the Richelieu Foods' management team and all of the hard working employees in the manufacturing plants for their tireless efforts over the past five years. We wish Centerview Partners success with this outstanding company."
