US sauces and dressings business Tulkoff Food Products has been sold to investment firm Graham Partners.

Based in Baltimore, Maryland, Tulkoff Food Products is a "leader" in the markets for horseradish and cocktail sauce, its new owner said. The company, which manufactures for CPG and foodservice clients, also offers "ethnic and other specialty sauces", Graham Partners said.

Phil Tulkoff, the current CEO and third-generation owner-operator, will continue to lead its management.

In a statement, Mr Tulkoff said the sale will help the company "explore new growth opportunities, particularly expanding our research and development efforts".

He added: “While the company has been thriving, this partnership was driven by the desire to grow the company with a partner that brings growth equity and expertise to the table.”

Graham Partners said Tulkoff Food Products could benefit from macro trends, such as the growing habit of outsourcing in foodservice, the popularity of limited-time menu items in quick-service joints, and "small and medium-sized brands market share from the big companies".

The investor added: "There is an opportunity to further position the company as a culinary-forward, value-add innovation partner by investing in the technical sales and R&D resources necessary to expand Tulkoff’s ability to develop custom solutions to high-growth foodservice chains, emerging CPG brands, and industrial customers."

Graham Partners managing principal Andrew Snyder said: “We have followed Tulkoff over several years and seen their commercial success. What ultimately attracted Graham to the company was its flexible manufacturing capabilities and track record of innovation.

“We are excited to partner with Tulkoff and leverage our previous experience in the sauce manufacturing space to further accelerate the growth of the company.”