The Watkins Company, a US manufacturer of branded herbs, spices and popcorn seasonings, has agreed to sell a majority stake in the business.
The shares have been sold to local investors Cannae Holdings and KDSA Investment Partners.
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How much Cannae and KDSA will pay for the stake and the size of their shareholding have not been disclosed.
Watkins’ current majority owner and chairman, Mark Jacobs, will “roll a significant equity stake into the transaction,” they said in a statement.
The investors said Minnesota-based Watkins, which can trace its origins back 156 years, would be able to “leverage the strengths of both Cannae and KDSA to drive growth and innovation”.
They suggested Watkins has a “substantial foundation and runway for growth”, both within retail, including new and existing customers, and other new channels and markets.
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By GlobalDataJR Rigley, CEO of Watkins, said: “We are looking forward to the future with great optimism. This new chapter will allow us to continue to build on our rich legacy while exploring new avenues for growth and innovation.”
Cannae’s portfolio includes the English Premier League football team AFC Bournemouth, restaurant chains Ninety Nine Restaurant & Pub and O’Charley’s, and data and analytics provider Dun & Bradstreet.
Bill Foley, chairman and CEO of Las Vegas-based Cannae, said: "This acquisition reflects the opportunity for Cannae to make a private investment into one of the fastest growing segments within the US food industry.
“The spices and seasonings category benefits from long-term secular consumer tailwinds and Watkins is well positioned as a high-quality, premium brand.”
KDSA was founded earlier this year by Andrew Souza and David Knopf, who served as Kraft Heinz’s finance chief for a two-year period until 2019.
Knopf said: "We are looking forward to partnering with Cannae and the team at Watkins to support the company’s continued expansion and build on its tremendous success and strong brand heritage.
"As owner-operators specialising in the food sector, we see huge opportunities for the business to continue to grow both organically and inorganically and look forward to supporting the team in its mission to deliver exceptional products to consumers."
