In an assertive move within the Chicago-area food manufacturing sphere, private equity firm Brynwood Partners has taken ownership of Miracapo Pizza Co. from the billionaire Crown family. The transaction fortifies Brynwood's position in the regional market, adding Miracapo, a notable pizza contract producer, to its comprehensive portfolio that includes other local food producers, as reported by the Chicago Sun-Times. Although financial specifics were not disclosed, the sale's closure occurred in the previous month.
With Miracapo's integration, Brynwood's reach now extends to 1,500 jobs within the Chicago area, encompassing four companies with a particular focus on pizza products. The firm specializes in acquiring and cultivating standalone brands that may have been undervalued within their larger corporate households. Miracapo's operation will remain independent, despite sharing the pizza niche with Brynwood's existing holdings such as Great Kitchens Food Co., as disclosed by Brynwood's chairman and CEO Hendrik "Henk" Hartong III in a statement obtained by Chicago Sun-Times.
The Elk Grove Village-based Miracapo, boasting a workforce of 385 and a reported annual sale value of about $250 million, represents a substantial addition to Brynwood. In a press release, Hartong highlighted the growth achieved by Miracapo since its inception in 1984 and declared a commitment to bolster the company's commercial capacity moving forward. "We look forward to working with the terrific employees and leadership at Miracapo," Hartong told PR Newswire.
Challenges notwithstanding, Hartong optimistically expressed that they are in a strong position to continue growing amidst market trials, such as escalating inflation and rising costs. With six food and beverage companies under its wing, Brynwood reports an impressive $3 billion in annual sales, a figure mentioned both in the Chicago Sun-Times interview and the press release. The private equity firm's growing footprint in the Chicago region showcases its strategic acquisition model, which continues to demonstrate resilience and ambition in the face of a turbulent food industry economy.
The Crown family's divestment marks the end of its sole food investment, leaving the Miracapo brand in new hands. Their professionalism during the sales process received praise from Hartong, as described in his reflection of the negotiations. Comment from the Crown family was not immediately available following the sale's announcement. As per company tradition, Brynwood Partners was legally represented by Winston & Strawn in the acquisition process.
