Briefing: Midwest Growth Partners takes stake in French Gourmet

Private equity firm Midwest Growth Partners has invested an undisclosed amount in US pastry business French Gourmet.

The Nevada-based company provides a variety of croissants, Danish pastries, dough shells and puff pastries with laminated dough in frozen and pre-proofed formats.

French Gourmet’s customer base includes hotels, cafes, independent bakeries, diners, grocery bakeries and other food service businesses.

MGP invests in food and agriculture businesses that are either seeking growth capital or trying to structure their succession planning.

The firm closed its third flagship vehicle on $170 million in April, making it the largest fund the Iowa-based firm has raised.

MGP specializes in supporting US lower mid-market businesses in agriculture, manufacturing and distribution industries, which are mainly located in rural and underserved areas in the Midwest.

“French Gourmet has a great product, culture and impressive manufacturing capabilities,” said MGP vice-president Zane Hendricks in a statement. “I’ve enjoyed working with the entire management team and we are excited to be part of the Company’s growth for years to come.”

French Gourmet founder Patrick Novak added: “French Gourmet is well positioned for its next phase of growth and I’m excited for Midwest Growth Partners to help execute on the vision I’ve had for the company since founding the business.”