Milwaukee-based private equity firm Generation Growth Capital Inc. has completed a recapitalization of Plymouth, Minnesota-based Select Food Products Inc. and is now majority owner of the company, which it plans to merge with Minnetonka, Minnesota-based Tino’s Italian Specialty Foods LLC.
This is the second investment GGC has made out of its third fund, Generation Growth Capital Fund III LP, which is expected to reach $50 million. GGC did not disclose the investment amount. It has one more acquisition planned, and in late October exited portfolio company Atlantic Precision to make room in its portfolio for acquisitions from the new fund.
Select Foods manufactures custom sandwich, breakfast, snack and dessert products for retail, club, convenience store and foodservice companies. Tino’s also makes food products, including calzones, artisan subs, paninis, pizzas and condiments, for the convenience service industry. The combined business has about $25 million in revenue.
“The merger of Select Foods and Tino’s looks like a perfect fit for both companies as Tino’s gains immediate access to the top-notch manufacturing capacity at Select Foods,” said John Reinke, managing director of Generation Growth Capital Inc.
“The combined company is now uniquely positioned to provide innovative, new products across the retail grocery, foodservice, and convenience store channels. Tino Lettieri and I long have had a great respect for each other and we look forward to working together now,” said Scott Robertson, chief executive officer of Select Foods.
