Investment firm TowerBrook Capital Partners has successfully acquired a majority stake in Demakes Enterprises, a prominent deli meats producer based in the United States.
The specific financial details were not revealed.
Established in 1914, Demakes Enterprises, situated in Massachusetts, was under the management of fourth-generation family proprietors.
The company produces various items, including deli meats and sausages, under brand names like Old Neighborhood and Thin N’ Trim. Additionally, it serves as a private-label supplier.
As outlined in the agreement, the Demakes family will maintain a “significant minority stake” in the company, according to a statement.
CEO Andrew Demakes will remain in his current role, while Elias and Timothy Demakes, serving as VP of Sales and VP of Plant Operations, will also retain their positions.
“TowerBrook is an ideal partner for Demakes given the firm’s track record of scaling family-owned businesses and significant knowledge of the food space,” Andrew Demakes said in a statement.
“My brothers and I look forward to partnering with TowerBrook to build upon the legacy of the company by expanding the reach of our distribution channels and bringing our high-quality, innovative protein products to more customers across the US.”
TowerBrook has previously invested in the consumer sector, with notable holdings including the US distributor KeHe and the ready-meals business Kevin’s Natural Foods. The buy-out firm successfully divested Kevin’s to Mars earlier this year.
Michael Recht, managing director of TowerBrook, said “combining the [Demakes Enterprises’] core strengths with our experience scaling and growing consumer brands will foster an exciting phase of expansion both organically and through targeted acquisitions in coming years”.
