Chris' & Pitt's Food Products, Inc. to be Acquired by Creo Capital Partners, LLC
Chris' & Pitt's Food Products, Inc. to be Acquired by Creo Capital Partners, LLC
2007-04-20 21:42:14 -
HOUSTON, April 20 /PRNewswire/ -- Chris' & Pitt's Food Products, Inc., ("C&P"), announced today that it has been acquired by an affiliate of Creo Capital Partners, LLC ("Creo"). The purchase price was not disclosed.
The C&P acquisition marks Creo's fourth investment in the branded food and beverage space and is expected to result in increased sales activity, enhanced customer support, and other synergies between C&P and Creo's other food businesses.
Nick Sternberg, Partner of Creo Capital Partners said, "Creo continues to focus on acquiring brands in the food and beverage industry. We have developed a strong infrastructure to manage and grow food and beverage brands and we believe that C&P is a great addition to our portfolio. C&P has very solid long term relationships with its existing customers and we look forward to introducing the brand to new distribution channels that we have developed through our other food company investments."
John Labbett, Chief Executive Officer of two of Creo's current food portfolio companies (First Street Food Group, LLC and National Harvest Group, LLC) will assume the rule of Chief Executive Officer of C&P.
C&P markets and distributes a wide variety of barbeque sauces and frozen entrees through retail, warehouse and food service channels.
Nixon Peabody LLP served as legal advisors on the transaction.
Creo Capital Partners, LLC (http://www.creocapitalpartners.com/) is a Los Angeles-based private equity firm specializing in organizing, structuring and sponsoring recapitalizations, restructurings and acquisitions of mid-market companies. Creo focuses on partnering with management to create superior returns for all stakeholders. Established in early 2005, Creo Capital Partners has quickly built up a portfolio of investments that now include companies in a wide range of industries including the frozen food, seafood, construction supply, transportation apparel and engineering sectors.
Source: Creo Capital Partners, LLC; Chris' & Pitt's Food Products, Inc.