Entrepreneurial Equity Partners, a Chicago-based private equity firm focused on making investments in the food and consumer packaged goods industries, announced today that it has acquired Kronos Foods Corp. Financial terms of the transaction were not disclosed.
Kronos is a leading provider of global cuisine, including authentic Mediterranean foods, ready-to-eat proteins, plant-based proteins, and value-added bakery products. Founded in 1975, Kronos originally became known for its authentic Greek gyros meat and has progressively expanded its capabilities to include a variety of specialty and international protein products as well as bakery products, sauces and other international foods. The company’s KronoBroil technology, pioneered in 2016 by the Kronos team, provides further offerings for customers including pre-cooked, ready-to-eat gyros slices that are ideal for chain restaurants, educational institutions, and other foodservice providers. Kronos is headquartered in Glendale Heights, Illinois.
e2p Managing Partner Mark Burgett said, “We are excited to add Kronos Foods Corp to our portfolio. The company’s vast array of products and dynamic ability to serve customers with limited-time offerings developed by its in-house R&D team have positioned the company well to capture on-trend demand for global cuisine and protein-based foods. We are excited to leverage our extensive network and experience in the food sector to help Kronos introduce additional new products and capabilities that meet customer interests and further drive growth.”
Kronos marks the fifth transaction and third platform for e2p. Other investments include Sara Lee Frozen Bakery, Superior Cake Products (an acquisition by Sara Lee Frozen Bakery), Daniele International, and Creminelli Fine Meats (an acquisition by 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.
Harris Williams & Co acted as financial advisor to Kronos Foods. White & Case LLP acted as legal counsel for Entrepreneurial Equity Partners.