Dallas, TX – Kainos Capital (“Kainos”), a leading food and consumer-focused private equity firm, today announced the sale of its portfolio company Florida Food Products to an affiliate of MidOcean Partners.
Headquartered in Eustis, Florida, Florida Food is a formulator and manufacturer of vegetable and fruit based ingredients providing innovative clean label solutions to the food, beverage, and pet nutrition industries. The company was founded by the Brown family and has been providing healthy, natural and on-trend ingredients for over 60 years.
Andrew Rosen, Managing Partner of Kainos, said, “Our interest in Florida Food was driven by our belief in the importance of functional ingredients that provide demonstrable health benefits and the overall movement by consumers toward clean label products. This thesis also led to other investments by our firm in companies such as Milk Specialties Global, InterHealth Nutraceuticals and Kettle Cuisine. We are pleased by our successful partnership with the Brown family and believe that Florida Food is positioned for a very exciting future.”
Kevin Elliott, a Partner at Kainos, added, “We were very fortunate to be selected by the Browns to be the stewards of this great business that their family built. Together we recruited a very talented team led by Jim Holdreith, and invested significant resources in innovation and manufacturing capacity so that Florida Food could capture the next phase of growth.”
Jim Holdreith, CEO of Florida Food, continued, “Our collaboration with Kainos has been instrumental in our ability to capitalize on the growth opportunities in our key markets. The Kainos team helped us to recruit a world-class team, invested heavily in our operating facility and set us up for continued success.”
“Our collaboration with Kainos has been instrumental in our ability to capitalize on the growth opportunities in our key markets. The Kainos team helped us to recruit a world-class team, invested heavily in our operating facility and set us up for continued success.”
Jim Holdreith
“Choosing to partner with Kainos in 2016 was a great choice,” remarked Jerry Brown. “They did everything they said they would do when we first met and we’re thrilled that they helped us craft and achieve our vision for Florida Food.”
Houlihan Lokey served as financial advisor to Florida Food Products and Winston & Strawn served as legal advisor.
Mergers & Acquisitions’ 11 Rising Stars of Private Equity Names Daniel Hopkin, Partner Kainos Capital
July 17, 2018
In choosing the Rising Stars of Private Equity, Mergers & Acquisitions sought full-time private equity investors whose best days are expected to be in the future.
SlimFast on Tuesday made its latest innovation, SlimCafé, available to PinchMe followers for an early preview. Two new flavors, Mocha Macchiato and Caramel Cappuccino will hit store shelves in a couple of weeks.
Dallas, TX – Kainos Capital, a firm specializing in acquiring and managing food and consumer businesses, has acquired Bonewerks Culinarte’.
Founded in Green Bay, Wisconsin in 1998, Bonewerks provides the highest-quality chef-inspired sauce products for center of the plate entrées, including ranges of premium glace and demi-glace, as well as fully-prepared, oven-seared sous vide entrées. Bonewerks glace and demi-glace products provide an intense neutral flavor foundation for chefs that can be used to prepare signature sauces or serve as is. The sous vide products include beef, pork, lamb, duckling, chicken and veal center of the plate entrées that are oven seared braised, fully cooked, delivered frozen, and easily reheated. The sous vide method of preparation maximizes the tenderness and flavor profile of the meat. By outsourcing sous vide preparation, chefs can eliminate labor as well as the time consuming food safety paperwork required to cook sous vide in house. Bonewerks products enable chefs to prepare high quality dishes for large groups and are used by discerning chefs in a variety of settings including white table cloth restaurants, catered events, sporting venues and hotels.
Andrew Rosen, Managing Partner of Kainos Capital, said, “We are excited to partner with the Bonewerks team to capitalize on the growth opportunity in the marketplace. We believe the Company has a powerful value proposition for foodservice operators, including consistent quality and the ability to achieve cost savings through reduced kitchen labor, time, real estate and waste in the preparation of essential center-of-theplate items. We look forward to working with Bonewerks to increase its product awareness, expand into new channels, and introduce new on-trend products, particularly by extending the Company’s sous-vide product line.”
The acquisition of Bonewerks is Kainos’ second in the premium label sauces and prepared meals segment following Kettle Cuisine. Kainos believes there is an opportunity for Bonewerks to collaborate with other Kainos portfolio companies and leverage customer networks to grow the Bonewerks business.
“Bonewerks is uncompromising about product quality, period; from chef driven recipes to the use of the highest-quality ingredients, traditional open top kettles, hand skimming and outstanding food safety procedures,” said Tom Sausen, Bonewerks’ CEO. “We are thrilled to partner with Kainos to capitalize on what we have built and to pursue numerous growth initiatives.”
“Bonewerks is an outstanding company led by a management team with a strong commitment to providing quality products and solutions.”
Bob Sperry
Bob Sperry, a Partner of Kainos Capital added, “Bonewerks is an outstanding company led by a management team with a strong commitment to providing quality products and solutions. We believe that Bonewerks and its team can lead a broader consolidation strategy in outsourced sauces, broths and entrees that meet the growing need of foodservice operators for cost effective solutions to these items.”
Dave Knickel Named Outstanding CFO in the Top Financial Executives in North Texas 2017
May 17, 2017
Dallas, TX – Dave Knickel is an invaluable member of the team at Kainos, a private equity firm focusing on the food and consumer sector. Last year the Dallas firm raised a new, $934 million investment fund in just nine months, eclipsing its target by 25 percent.
Dallas, TX — Kainos Capital LP, a Texas-based investment firm with an exclusive focus on the food and consumer sector, today announced the closing of Kainos Capital Partners II (“Fund II”) with total equity commitments of $895 million. Fund II was oversubscribed and closed at its hard cap. Fund II follows Kainos’ inaugural Fund I, which closed in 2013 with $475 million of committed capital.
Andrew Rosen, Managing Partner of Kainos Capital, said, “We are very proud of the enthusiastic response to our second fund and the confidence placed in us by our limited partners. This new fund will enable us to broaden the size of transactions that we pursue and give us even more resources to drive growth and profitability in companies through organizational development, customer and channel expansion, new product innovation, effective marketing programs, and operational improvement. We look forward to working with the management teams of privately held founder, family and corporate-owned businesses to deploy this fund.”
“We are very proud of the enthusiastic response to our second fund and the confidence placed in us by our limited partners. This new fund will enable us to broaden the size of transactions that we pursue and give us even more resources to drive growth and profitability in companies through organizational development, customer and channel expansion, new product innovation, effective marketing programs, and operational improvement.”
Andrew Rosen
Sarah Bradley, a Partner of Kainos Capital, said, “We are extremely fortunate to have tremendous continuity in our investor base with overwhelming support from our Fund I investors. Fund II has also selectively added some of the world’s largest pension plans, financial institutions, endowments, foundations, and family offices to what was already a distinguished group of investors. We look forward to working collaboratively with our investors in this next exciting chapter of our firm, and to creating value for their stakeholders.”
The Kainos team has extensive investment and operating experience in the food and consumer industry, having invested more than $2 billion of equity in more than 55 transactions with a total transaction value in excess of $8 billion.
Lazard served as placement agent, and Weil, Gotshal & Manges LLP and Sidley Austin LLP served as legal counsel for Fund II.
Lynn, MA — Kettle Cuisine, artisan producer of refrigerated and frozen premium quality, all natural soups, announced today that it has acquired Del Monaco Foods, a privately held custom food manufacturing company based in Morgan Hill, California. Del Monaco Foods is trusted by companies for outsourced, private label, contract manufacturing of soups, sauces and other specialty items since its establishment in 1998.
Kettle Cuisine will lead the industry as the only true coast to coast fresh soup producer, having two world class SQF Level 3 certified facilities in Lynn, Massachusetts and Morgan Hill, California. This national platform enhances the company’s capabilities to national, retail and food service customers.
“We are very pleased and excited about the future growth and development possibilities for our Team Members and Business Partners that this partnership will bring us. We believe that Liam McClennon, our new CEO, shares our passion for the food industry and epitomizes the executive leadership we need to lead us collectively toward the founding vision of Del Monaco Foods to be the most trusted food company in the world.” ‐Vic and Tony Del Monaco
“We are very pleased and excited about the future growth and development possibilities for our Team Members and Business Partners that this partnership will bring us. We believe that Liam McClennon, our new CEO, shares our passion for the food industry and epitomizes the executive leadership we need to lead us collectively toward the founding vision of Del Monaco Foods to be the most trusted food company in the world.”
Vic and Tony Del Monaco
“Del Monaco Foods is an impressive business. Vic Del Monaco and Tony Del Monaco have done a fantastic job of building a solid and successful team that has resulted in growth year after year since its founding. We’re excited to merge Del Monaco Foods with Kettle Cuisine and offer a truly national fresh soup program. Our commitment to shared values of service, food safety, quality and innovation align us for further growth and continued success in providing our customers with best in class products,” says Liam McClennon, CEO.
About Kettle Cuisine
Based in Lynn, Mass., Kettle Cuisine is at the forefront of a growing demand for exceptional tasting real food that satisfies everyday wellness lifestyles. By using the finest quality natural ingredients and classical artisan cooking techniques and by treating food the way it should be treated from the source to their kitchens to you, Kettle Cuisine consistently delivers top quality soups with no artificial ingredients. Visit www.kettlecuisine.com for additional information.
Retail Executive Has Held Senior Positions With Nash Finch and 7-Eleven
Dallas, TX – Kainos Capital, a firm specializing in acquiring and managing food and consumer businesses, today announced that Kevin Elliott has joined the firm as a Partner. Mr. Elliott brings over 25 years of operating, turnaround, and mergers and acquisitions experience in the consumer goods, retail and distribution industries. Mr. Elliott most recently was President and COO of Nash Finch Inc. before the sale of Nash Finch to Spartan Stores Inc.
Andrew Rosen, Managing Partner of Kainos Capital, said: “I have had the privilege to know Kevin over the past twelve years and he is an outstanding executive with a broad background in consumer products, retailing and distribution. He will bolster our operating capabilities in evaluating new investment opportunities, and be a valuable partner to our portfolio companies in executing their operating strategies. His extensive experience in retailing and the relationships he has developed will bring a different perspective on opportunities we evaluate in the food and consumer products sector.”
“I have had the privilege to know Kevin over the past twelve years and he is an outstanding executive with a broad background in consumer products, retailing and distribution. He will bolster our operating capabilities in evaluating new investment opportunities, and be a valuable partner to our portfolio companies in executing their operating strategies.”
Andrew Rosen
Prior to Nash Finch, Mr. Elliott was with 7-Eleven Inc. for eight years most recently as Senior Vice President of Merchandising, Marketing and Distribution for its 8,000 domestic stores. Prior to 7-Eleven, Mr. Elliott was VP of Procurement at Webvan, responsible for the distribution relationships nationally. Mr. Elliott started his career at Fleming Companies in the Merchandising function and was involved in the grocery, dairy, frozen, deli and bakery categories. While at Fleming, he also held the positions of Corporate Director, Store Brands and Corporate Director, Category Management.
Mr. Elliott received his BA in Operation Management at Missouri State University and obtained his Masters in Business Administration at Southern Methodist University.
America’s Most-Preferred Bone Health Brand Launches New Caltrate® Bone & Joint Health Supplement
July 21, 2015
Madison, N.J. – (BUSINESS WIRE)– Pfizer Consumer Healthcare, the makers of America’s most-preferred bone health supplement brand, Caltrate®, today announced the launch of Caltrate® Bone & Joint Health, a new, once-daily supplement.
“According to the National Osteoporosis Foundation (NOF) 54 million adults living in the U.S., who are 50 years and older, are affected by osteoporosis and low bone mass,3 and many seek to support both their bone health and joint flexibility to maintain an active lifestyle,” said Elizabeth Ward, M.S., R.D., Registered Dietitian and nutrition health expert. “A once-daily supplement that contains calcium, vitamins C and D, minerals like zinc, copper and manganese, and UC-II®, allows consumers to get the nutrients that are critical to help maintain strong bones and support flexible joints.”
“A once-daily supplement that contains calcium, vitamins C and D, minerals like zinc, copper and manganese, and UC-II®, allows consumers to get the nutrients that are critical to help maintain strong bones and support flexible joints.”
Elizabeth Ward, M.S., R.D.
Vitamin and mineral supplement formulas are recognized as one of the ways consumers can get adequate amounts of calcium and vitamin D, and other nutrients, including UC-II®4 and vitamin C. In the U.S., nutritional science research report a broad range of consumer nutrient gaps around both vitamin D and calcium,5 and in fact both calcium and vitamin D are considered nutrients of public health concern by the Dietary Guidelines for Americans.6
“We have developed this unique 3-in-1 formulation in one convenient tablet because we know consumers want easier ways to get both bone strength and joint flexibility,” explained Bryna LaMonica, Brand Manager for Caltrate.
Dallas, TX – Kainos Capital, a firm specializing in acquiring and managing food and consumer businesses, today announced that Daniel Hopkin and Nirav Shah have been promoted to Partners of the firm. Mr. Hopkin and Mr. Shah have been longstanding members of Kainos and previously served as Principals of the firm.
Andrew Rosen, Managing Partner of Kainos Capital, said: “We are very proud to recognize the accomplishments of Dan Hopkin and Nirav Shah with these well- deserved promotions. Since joining our team many years ago each has made exceptional contributions to our investment program and demonstrated strong leadership within our firm and with our portfolio companies. They and the many other Kainos professionals have enabled our firm to enjoy great success and will play significant roles as our firm continues to grow and expand its investment activities.”
“We are very proud to recognize the accomplishments of Dan Hopkin and Nirav Shah with these well- deserved promotions. Since joining our team many years ago each has made exceptional contributions to our investment program and demonstrated strong leadership within our firm and with our portfolio companies. They and the many other Kainos professionals have enabled our firm to enjoy great success and will play significant roles as our firm continues to grow and expand its investment activities.”
Andrew Rosen
Mr. Hopkin joined the Kainos team in 2004 and before then was with the Mergers & Acquisitions department of Morgan Stanley. He received his B.A. in Accounting and Master of Professional Accountancy from Brigham Young University.
Mr. Shah joined the Kainos team in 2008 and before then was with Thomas H. Lee Partners and Bain Capital, and worked as a management consultant at Bain & Company. He received his B.S. in Economics from The Wharton School, University of Pennsylvania and his M.B.A. from Harvard Business School.
About Kainos Capital
Kainos Capital is a middle market private equity firm with an exclusive focus on the food and consumer sector. The Kainos team has extensive investment and operating experience in the industry, having invested more than $2 billion of equity in more than 45 transactions with a total transaction value in excess of $7 billion. The firm’s strategy is to build a diversified portfolio of growing and strategically relevant food and consumer businesses that trade buyers would like to acquire. For more information, visit Kainos Capital’s website at www.kainoscapital.com.
Acquisition Increases InterHealth’s Position as Industry Leader0
Benicia, CA – InterHealth Nutraceuticals, Inc. (“InterHealth”), a leading researcher, developer and marketer of branded nutraceutical ingredients, today announced that it has acquired the assets of Next Pharmaceuticals, a Salinas, California based raw material dietary supplement supplier. Brands acquired from Next Pharmaceuticals include Relora®, Sytrinol®, Seditol® and Nexrutine®. Relora® and Sytrinol® are the leading brand from this acquisition. Relora® is a leading natural dietary supplement ingredient that helps support healthy stress and weight levels. Sytrinol® is a patented blend of flavones and tocotrienols for heart health.
“The acquisition of the Next Pharmaceuticals’ brands, and in particular, the Relora® and Sytrinol® brands, provides InterHealth with increased market share in the weight- management and cardiovascular categories. The product line represents InterHealth’s introduction into the mood category. Next Pharmaceuticals has built best-in-class brands, which fit nicely in the InterHealth brand portfolio,” commented Paul Dijkstra, president and CEO of InterHealth.
“The acquisition of the Next Pharmaceuticals’ brands, and in particular, the Relora® and Sytrinol® brands, provides InterHealth with increased market share in the weight- management and cardiovascular categories. The product line represents InterHealth’s introduction into the mood category. Next Pharmaceuticals has built best-in-class brands, which fit nicely in the InterHealth brand portfolio.”
Paul Dijkstra
The transaction marks the third acquisition completed by InterHealth since its acquisition by Kainos Capital in November 2013. InterHealth acquired Chick Cart manufacturing facility March 2014 and the brand 7-Keto® from Humanetics August 2014.
InterHealth offers branded, scientifically backed ingredients that help support consumers’health and well-being. InterHealth is committed to clinical research and offering the highest quality branded ingredients available.
About InterHealth Nutraceuticals, Inc.
InterHealth Nutraceuticals researches, develops, markets and distributes specialty nutritional ingredients, which are sold worldwide to manufacturers of dietary supplementsand nutraceutical food and beverage products. The company’s products include UC-II® for addressing joint discomfort; Super CitriMax®, a weight loss and satiety ingredient; Meratrim® for weight management; Relora® for stress management; and ChromeMate® and Zychrome® for blood sugar and insulin control. In addition, InterHealth offers Sytrinol®, LOWAT®, Aller-7®, OptiBerry®, L-OptiZinc®, Protykin® and ZMA®. For more information about InterHealth and its products, call 1-800-783-4636 or 1-707-751-2800 (outside U.S.).
Dallas, TX – Kainos Capital, a firm specializing in acquiring and managing food and consumer brands, today announced that it has acquired the Slim-Fast brand from Unilever. Unilever will retain a minority stake in the business. Terms of the transaction were not disclosed.
Slim-Fast is a branded weight loss and meal replacement business that markets ready-to-drink shakes, powders, bars and snacks to retail customers throughout North America and in the United Kingdom and Ireland. The transaction includes the Slim-Fast trademark and the global Slim-Fast business portfolio.
Slim-Fast will be part of the Kainos Capital portfolio of health and wellness companies, which currently includes Milk Specialties Global, the largest value-added whey protein manufacturer in North America; InterHealth Nutraceuticals, an international provider of specialty nutraceutical ingredients; and Healthy Delights, an international branded marketer of supplement products including the popular line of nutritional confection chews and Nu-Life, a 50 year-old multivitamins brand. In 2013, Healthy Delights was named Vendor of the Year by GNC, a leading global specialty retailer of health and wellness products.
It was also announced today that Chris Tisi, the CEO and founder of Healthy Delights, will become the CEO of Slim-Fast as well.
Andrew Rosen, Managing Partner of Kainos Capital, said: “We are tremendously excited to acquire the Slim-Fast business in partnership with Unilever. Slim-Fast is the most recognizable brand name in weight management and over the last twenty years has helped millions of people lead healthier lives. Chris Tisi and his team have decades of experience in the diet and weight management category and are ready to give Slim-Fast the resources and entrepreneurial focus that will drive the brand to new heights.”
“We are tremendously excited to acquire the Slim-Fast business in partnership with Unilever. Slim-Fast is the most recognizable brand name in weight management and over the last twenty years has helped millions of people lead healthier lives.”
Andrew Rosen
Mr. Tisi said: “There is great opportunity to grow the Slim-Fast brand which already benefits from the highest aided and unaided brand awareness in the weight management category. I look forward to working with our retail partners and driving consumer engagement with dynamic marketing support and new product innovation.”