Daniele International completes merger with Creminelli Fine Meats
Entrepreneurial Equity Partners (e2p), a Chicago-based private equity firm focused on the food and consumer packaged goods industries, announced today that one of its portfolio companies, Daniele International, has completed a merger with Creminelli Fine Meats LLC. Financial terms of the transaction were not disclosed.
Creminelli is a producer and distributor of premium charcuterie and protein snacks, known for exceptional quality and recognized with 11 national food awards. Creminelli’s product lines include charcuterie snack trays, deli trays, artisan salami, artisan deli, and salami minis. Creminelli’s approach of using ultra-premium ingredients and small-batch production was inherited from generations of Master Artisan Cristiano Creminelli’s family and has been maintained through the company’s rapid growth. Creminelli’s clean-label inputs and use of humanely raised animals have made it the protein snacking brand of choice for millennial consumers. Its products can be found in high-end grocery stores and cafes across the U.S. Creminelli is headquartered in Salt Lake City, Utah.
Chris Bowler, Creminelli’s CEO and Co-Founder, will continue to lead the Creminelli business. Chris commented, “We are excited about the marriage of these two companies and how it positions us to build our brand, grow and improve our product offering, and continue our expansion into new outlets and channels. Our uniquely talented team and a strong food-loving culture has helped build Creminelli into the outstanding, market-leading company that it is today. We will be sharing the best of Creminelli with the best of Daniele and believe this transaction will enable us to continue our strong growth trajectory while expanding our values-guided mission.”
Daniele’s CEO, David Finch, added, “We have been focused on identifying outstanding products to add to our portfolio, and we are excited to be partnering with Creminelli. Their focus on innovation, product quality, and culinary artisanship are aligned with our values and history, making the company an amazing fit for Daniele. Together with the outstanding team at Creminelli, we plan on expanding into new markets and broadening our product offerings. As a company we seek to elevate the snacking and charcuterie experience in the U.S.”
e2p Managing Partner Mark Burgett said, “The merger with Creminelli Fine Meats is a great next step for Daniele as it looks to expand its presence and differentiated offering in the growing market for specialty protein snacks. e2p is proud to partner with Daniele and Creminelli, and we look forward to leveraging our substantial experience, expertise and networks in the food industry to support their continued growth.”
Creminelli marks the fourth transaction for e2p. Other investments include Sara Lee Frozen Bakery, Superior Cake Products (an acquisition by Sara Lee Frozen Bakery), and Daniele International. Entrepreneurial Equity Partners was formed by experienced private equity professionals in the food and consumer sector and operating professionals with senior executive experience at some of the largest food and consumer packaged goods companies in North America, including ConAgra, Kraft, PepsiCo, Sara Lee, Tyson Foods, and US Foods.
BofA Securities acted as exclusive financial advisor to Creminelli.
Source: Entrepreneurial Equity Partners