Pine River Offers Anniversary Cheese Spread at Winter Fancy Food
Pine River Cheese Spread will debut a limited edition anniversary cheese spread, 60-Month Cheddar, at the Winter Fancy Food Show held Jan. 15-17 in Las Vegas. The cheese spread was created in honor of the company’s 60th anniversary, which it celebrates in 2023.
“The 5-year-old Wisconsin Cheddar gives this spread an extra creamy texture that has a rich cheddar flavor with a slightly tangy bite,” said Phil Lindemann, Pine River CEO. “The art of cheese spread making comes in the aging and blending process. We know which ages of cheese to combine to get the best flavor and we’ve been following the same recipe since my father started the company 60 years ago. ”
The highly decorated cheese spread company will be exhibiting in the Wisconsin Cheese Booth, #817. In addition to the 60-Month Cheddar, Pine River will be sampling many of its 21 Cold Pack flavors, as well as offerings from its Clean Label and Shelf-Stable cheese spread lines.
Founded on more than five generations of experience in the dairy industry, Pine River Cheese Spread produces three styles of award-winning Wisconsin Cheese Spread—Cold Pack Cheese Spread, Clean Label Cold Pack Cheese Spread, and Shelf-Stable Gourmet Snack Spread. We also offer Private Label, Food Service, and Fundraising services. The cheese spreads are crafted one batch at a time in a state-of-the-art facility in Newton, Wis.
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Butterfly to Acquire Milk Specialties Global
Credit: Milk Specialties Global
Butterfly, a Los Angeles-based private equity firm specializing in the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a leader in human and animal nutrition, from affiliates of American Securities LLC.
Founded in 1949 and based in Eden Prairie, Minn., Milk Specialties is an industry-leading, vertically integrated ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into value-added functional ingredients for a variety of growing nutrition end markets.
The company’s Human Nutrition segment is a leading performance nutrition manufacturer that produces high-quality dairy protein ingredients and products designed to optimize health and nutrition. Today, Milk Specialties’ Human Nutrition segment is the largest producer of whey protein isolate in the world. The company’s Animal Nutrition segment is a leading provider of science-based animal nutrition products for the dairy industry.
Milk Specialties operates 12 state-of-the-art facilities strategically positioned across the United States that allow the company to deliver high-quality, specialized ingredients and exceptional service to customers around the globe. It has been led for over 14 years by CEO and industry veteran David Lenzmeier, who will continue to lead the business going forward.
Milk Specialties is Butterfly’s latest investment within its “seed to fork” strategy spanning agriculture and aquaculture, food and beverage products, food distribution, and foodservice. Butterfly brings specialized expertise in performance nutrition as a result of its 2019 majority investment in Orgain, one of the fastest-growing consumer brands in the nutrition industry. In 2022, Butterfly sold a majority stake in Orgain to Nestlé Health Science and continues to own a minority stake.
“We are beyond excited to roll up our sleeves and get to work with the Butterfly team. Partnering with a food-focused firm like Butterfly, we can drive enhanced value creation for all partners. We are really looking forward to what the future holds because Butterfly will enable Milk Specialties to achieve a new level of growth,” said Lenzmeier.
“We’ve admired Dave and team from afar for many years and are excited to welcome them to the Butterfly family,” said Butterfly founders and CEOs Adam Waglay and Dustin Beck. “We’re confident that Milk Specialties’ industry leadership and best-in-class team, combined with our expertise in the space, will enable us to drive even greater success for the business going forward. We can’t wait to see what we can accomplish together.”
“The Milk Specialties team has continually pushed the envelope of quality, service and innovation in the protein space, and we’re thrilled to join them in making high-quality, affordable nutrition products available to even more consumers,” added Butterfly Managing Director Aaron Kirkbride.
Terms of the transaction were not disclosed. The transaction is expected to close in Q1 2023. Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, and Rabo Securities USA, Inc. acted as financial advisors to Milk Specialties and Arnold & Porter Kaye Scholer LLP served as legal counsel.
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John B. Sanfilippo & Son Acquires Just the Cheese Snacking Brand
John B. Sanfilippo & Son, Inc. has purchased substantially all of the assets of the Just the Cheese snacking brand business from Specialty Cheese Company, Inc. The acquisition was funded through the company’s existing bank credit facility.
Just the Cheese is one of the nation’s leading baked cheese snacking brands and offers 100 percent real cheese snack bars and cheese crisps. It primarily competes in the baked cheese snack category, which is currently estimated to be a $100 million category. Products can be found online and in a variety of retail outlets in flavors including Aged Cheddar and Grilled Cheese.
“The acquisition of Just the Cheese, which currently will not have a significant impact on our financial results, will provide us a product that expands our portfolio into new snacking categories. Additionally, the assets and capabilities acquired will be complimentary to our existing product portfolio and are expected to lead to exciting innovation opportunities” said Jeffery T. Sanfilippo, chief executive officer.
Based in Elgin, Ill, John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of nut and dried fruit-based products that are sold under the company’s Fisher , Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names and under a variety of private brands.
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