Gourmet News

Blue Point Capital Acquires Asian Appetizer Maker Water Lilies Food

Published August 31, 2022

Blue Point Capital has acquired Water Lilies Food, LLC, a portfolio company of AUA Private Equity Partners, with global investment bank Harris Williams advising Water Lilies on the sale.

Water Lilies is a manufacturer of frozen Asian appetizers that are primarily sold through supermarkets, restaurants and ethnic markets.

“Water Lilies is the go-to Asian appetizer supplier for retailers, brands, and foodservice operators and has achieved impressive growth through its consistent innovation and focus on quality,” said Brant Cash, a managing director at Harris Williams. “The company experienced a tremendous amount of success during its partnership with AUA Private Equity, and we look forward to its next chapter of growth with Blue Point.”

“We continue to see a high degree of interest in value-added manufacturing platforms from both strategic buyers and financial sponsors,” said Brant Wilczek, a director at Harris Williams. “Water Lilies’ unique ability to develop premium, innovative products combined with its scale and manufacturing flexibility provides the company with tremendous runway for future growth in a category experiencing significant momentum driven by consumer demand.”

Based in Bay Shore, N.Y., Water Lilies is a manufacturer and provider of premium, inspired Asian cuisine for major retailers, private label, consumer brands and foodservice operators. Founded in 1995 with a commitment to food safety, quality and innovation, the company has established itself as a preferred partner to its customers across a variety of authentic, inspired products, with a particular focus on frozen appetizers such as egg rolls, spring rolls, potstickers, and dumplings.

AUA Private Equity is a West Palm Beach, Fla.-based, operationally focused, lower-middle market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses. AUA Private Equity typically makes equity investments of $20 million to $75 million in companies that generate in excess of $5 million in EBITDA.

Blue Point is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland; Charlotte, N.C.; Seattle; and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors while providing the perspectives and resources of a global organization. Blue Point has over a two-decade history of partnering with lower-middle market businesses to build processes and capabilities to achieve dramatic growth. The firm focuses on opportunities where it can leverage its collective experience, extensive network of operating resources, and focused add-on acquisition efforts as well as its unique toolkit, which includes supply chain/Asian capabilities, improved digital marketing or data strategies, and talent acquisition and diversification efforts. Blue Point typically invests in businesses that generate between $30 million and $300 million in revenue.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc.

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New Seasons Market Named Top Oregon Employer, Retailer

Published August 29, 2022

Forbes Magazine ranked New Seasons Market as the number one Oregon–based employer and retailer, as noted in a recent market research study conducted with Statista. The ranking, which was compiled by surveying 70,000 Americans working for businesses with at least 500 employees, also noted Fremont, Calif.-based Lam Research and Issaquah, Wash.-based Costco Wholesale as top employers in the state.

“Amidst so much transition and change throughout the last several years, it’s incredible to be recognized by our staff as a top employer,” said New Seasons Market CEO Nancy Lebold. “We hold our staff in such high regard, and truly value the contributions that each and every one of them provide to our communities, customers and the overall team. We are honored to see this acknowledged at a national scale.”

The list is divided into 51 rankings – one for each of the 50 states and the District of Columbia – with surveys conducted anonymously, allowing participants to freely share their opinions. The final list includes 1,382 U.S. employers that received the most recommendations.

“Two years into an ongoing global pandemic that’s forever transformed the workplace, what makes a good employer? Whether working remotely or from the office, Americans’ priorities have changed,” said Forbes. “Employers have had to motivate talent, combat burnout and ensure the well-being and safety of their workers, while pursuing profits amid a sensitive political landscape that spurred new levels of corporate activism – not to mention a growing divide in what people want from institutions and companies.”

As an employer, New Seasons Market offers industry-leading compensation and a comprehensive benefits plan that includes medical, dental, vision, 401(k) matching, paid parental leave, paid volunteer time and paid vacation. And, as the first grocer to achieve B Corp certification, New Seasons Market aims to exceed standards for social and environmental performance, accountability and transparency.

New Seasons Market focuses on building and nourishing the communities it serves – creating lasting relationships with customers, staff and vendors. The company purchases from as many local tastemakers as possible, connecting them with customers and doing its part to champion the regional food economy. Operating financially responsibly, inspiring environmental stewardship, supporting nonprofits and contributing to the neighborhood are just a few more ways New Seasons Market is committed to being the ultimate neighborhood store.

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UPDATE: NationsBenefits Acquires DeliverLean

Published August 29, 2022

As of Sept. 21, NationsBenefits has acquired DeliverLean, a food manufacturer specializing in health and wellness. The acquisition is part of NationsBenefits’ strategic vision to expand its healthy foods benefit offering to meet the ever-growing needs of health plans with Medicare Advantage and Part D plans.

DeliverLean’s food as medicine solution, which is being introduced with the NationsMarket brand name, will help MA plan members and low-income populations to live healthier by addressing nutrition and providing specific and actionable direction to motivate behavioral changes in their diets.

With a growing demand for home-delivered, nutritionally focused products such as groceries, fresh produce, and prepared meals, NationsBenefits can help Medicare beneficiaries achieve better health and wellness by providing them with convenient and easy-to-use products. The healthy foods benefit offering is designed to improve members’ health and satisfaction while reducing overall health care costs.

DeliverLean founder Scott Harris will continue to lead this division, as a part of NationsBenefits.

The Deliver Lean acquisition is expected to close in the third quarter of 2022.

NationsBenefits provides supplemental benefits, flex cards and member engagement solutions for health plans.

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