Kainos Capital Announces Combination of Kettle Cuisine, Bonewerks Culinarte, and Savory Creations

Combined Company to Operate as Kettle Cuisine and All Existing Trade Brands to Continue

Kettle Cuisine Acquires Frozen Soup Business of NORPAC Foods Inc.

DALLAS, September 24, 2018 – Kainos Capital today announced the combination of three of its portfolio companies – Kettle Cuisine, Bonewerks Culinarte, and Savory Creations – into one business, which will operate as Kettle Cuisine. In addition, Kettle Cuisine has acquired the frozen soup business of NORPAC Foods Inc., an Oregon- based farmer-owned cooperative.

Kettle Cuisine will maintain the Bonewerks, Savory Creations, and Soup Supreme trade brands in the marketplace. The company is headquartered in Lynn, MA, with an expanded manufacturing footprint that includes four production sites across the United States: Lynn, MA, Morgan Hill, CA, Union City, CA and Green Bay, WI.

Daniel Hopkin, a partner at Kainos Capital said, “The newly expanded Kettle Cuisine platform is positioned to serve an exciting intersection of consumer preferences for convenient, fresh food. At the same time, the combined company will even better meet operator needs for a supplier partner that can provide collaborative, chef-driven product development, redundant scale manufacturing, and the commitment to food safety and culinary principles that are the foundation of our brands.”

Liam McClennon, CEO of Kettle Cuisine, said, “For more than three decades, Kettle has stood for artisan-quality clean label soups, sauces, and side dishes serving a growing customer base across the retail and foodservice channels. The addition of Bonewerks and Savory Creations to the portfolio, as well as the NORPAC soup business, adds several outstanding brands that share these core principles. We are proud to expand our product offering to include sous vide entrees, demi-glace, broths, and other specialty sauces, enabling us to bring more comprehensive meal solutions to our customers.”

Mr. McClennon continued, “As a result of our growth over the years, we are fortunate to be able to hire many new team members, provide promotional opportunities to our employees, and share our increased confidence that Kettle Cuisine is a great place to build a career. We are pleased to now welcome the Bonewerks and Savory Creations team members to Kettle Cuisine and for them to share in our exciting future.”

Since acquiring Kettle Cuisine in 2015, Kainos Capital has supported the growth of the business through a combination of add-on acquisitions and capital investment. Over the past three years, more than $250 million has been invested to acquire and integrate complementary businesses, expand kettle cooking capacity, add high-speed filling and packaging equipment, and expand its “from-scratch” bone broth capabilities, a hallmark of the Kettle Cuisine brand in the marketplace.

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 60 transactions with a total transaction value of more than $10 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 www.kainoscapital.com.

About Kettle Cuisine

Kettle Cuisine is a manufacturer of small-batch, all-natural soups, sauces, and side dishes, serving the up-and-down-the-street foodservice, national restaurant chain, and retail channels. By using the finest quality natural ingredients and classical artisan cooking techniques, Kettle Cuisine is committed to producing high quality, clean label products from scratch. With four facilities in Lynn, MA, Morgan Hill, CA, Green Bay, WI, and Union City, CA, Kettle Cuisine is the first coast-to-coast fresh soup supplier in the U.S. Kettle Cuisine offers both refrigerated and frozen product formats in single-serve and bulk packaging. For more information, visit www.kettlecuisine.com.

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