Stir Foods, a US-based contract manufacturer owned by private-equity fund Wind Point Partners, has acquired Canadian private-label business Celtrade.
The purchase of Celtrade was made from another private investor, The Succession Fund, which is managed by Argosy Partners, according to a statement.
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As well as private-label production, Toronto-based Celtrade is also engaged in contract manufacturing for sauces, dressings and condiments for customers in retail and foodservice, delivered from a 56,000 square-foot facility. Stir Foods, located in Orange County, California, has a presence in the same business areas.
“The combination of Stir and Celtrade creates a stronger, more diversified custom sauce and dressing platform,” read the statement, which did not reveal the financial details of the transaction.
Milt Liu, the chief executive of Stir Foods, said: “The cultures of our two companies are very similar, making this a natural partnership. Celtrade has built a terrific business with a great customer base, team and operation. Our plan is to invest behind Celtrade and leverage our combined capabilities to accelerate growth and create value for all stakeholders.”
His counterpart at Celtrade, Chris Bouchard, added: “This combination is highly complementary in terms of capabilities that we can bring to our combined customer bases. Further, the financial backing of Wind Point Partners will enable continued investment in new capabilities to drive growth at our Toronto facility.”
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