Private equity firm Brynwood Partners is selling its pizza division, Great Kitchens Food Company, to baked goods maker Rich Products for an undisclosed amount.
Great Kitchens was formed in late 2020, and today is one of the leading U.S. manufacturers of private label take-and-bake pizzas. In 2023, it boosted its offerings with the acquisition of the Uno Foods Division from Uno Restaurant, enabling it to manufacture the chain’s Pizzeria Uno deep-dish pizza, strombolis and calzones.
The deal for Great Kitchens, which sells its private label and branded food products nationally through retail, food service and e-commerce channels, is expected to close during the first quarter.
The sale marks the latest in an active period of deal-making for Brynwood.
It divested SunnyD maker Harvest Hill Beverage Company for roughly $1.5 billion last May, and one month later acquired Chef Boyardee from Conagra Brands for $600 million. Brynwood currently owns a wide variety of food and beverage brands, including Pillsbury, Hungry Jack, Martha White and Funfetti.
“The Great Kitchens sale culminates a series of Brynwood Partners transactions during a nine-month period that is unprecedented in our Firm’s history,” Henk Hartong, Brynwood’s CEO, said in a statement.
Rich Products already makes cookies, donuts, breads and rolls, as well as pizza crusts. The company said the addition of Great Kitchens will allow Rich’s to improve its pizza and flatbread platform, expand capacity and deliver better crust innovation in both deli and frozen.
“Not only is Rich’s a well-known leader in the pizza segment, but they bring the size and scale required for us to unlock new opportunities,” said Admir Basic, president and CEO of Great Kitchens Food Company. “By merging our unique strengths, we have a huge opportunity to accelerate innovation and raise the bar across the industry.”
The transaction for Great Kitchens is the latest deal involving food as companies and private equity firms reassess their assets.
B&G Foods purchased Del Monte Foods’ broth brands College Inn and Kitchen Basics for $110 million, while pork processor Smithfield Foods grabbed hot dog maker Nathan's Famous for nearly half a billion dollars.
Private equity has remained an active player in M&A, too, with Highlander Partners acquiring Tapatio hot sauce and L Catterton purchasing a majority stake in cottage cheese maker Good Culture.
