BGL Announces the Acquisition of Crest Foods by Harwood Private Equity

Brown Gibbons Lang & Company (BGL) is pleased to announce the sale of Crest Foods, a leading provider of dairy stabilizers, contract packaging, and branded and private label dry food manufacturing, to Harwood Private Equity (Harwood), an investor in lower middle market companies. BGL’s Food & Beverage, Debt Capital Markets, and Real Estate teams together served as the exclusive financial advisor to Harwood. The specific terms of the transaction were not disclosed.

The transaction highlights BGL’s ability to offer a full suite of integrated advisory services to both buy-side and sell-side food & beverage companies, including acquisition financing and real estate financing solutions.

Founded in 1946, Crest Foods is a leading provider of food manufacturing, packaging, and product development services to branded and private label customers. The company operates three business lines:

• Ingredients: Develops proprietary stabilizer formulations and recipes for dairy products, including cottage cheese, cream cheese, yogurt, and dairy protein- and plant-based beverages.
• Contract Packaging: Provides packaging services to branded and private-label dry food companies.
• Consumer Products: Specializes in outsource product development and turn-key manufacturing services for branded food companies.

The acquisition provides Crest with a partner who can lead the company into its next phase of growth while maintaining its dedication to providing value-added services to its blue-chip customer base and leading consumer brands.

Harwood is a leading investor in lower middle market companies with investment experience across a variety of industries, including food and beverage, life sciences, precision manufacturing, media, and healthcare services.

In conjunction with the acquisition, BGL facilitated a sale-leaseback of the affiliated 575,000-square-foot, state-of-the-art contract packaging, distribution, and warehousing facility in Ashton, IL, via TPG Angelo Gordon’s Net Lease business.