EagleTree Capital has acquired Summit Hill Foods, owner of The Original Louisiana Hot Sauce, for an undisclosed price.
The firm said that several of EagleTree’s fund co-investors had invested in Summit Hill alongside the fund manager, including Misland Capital, and Summit Hill’s operations and management teams will remain in place following the investment.
EagleTree has acquired the firm from G&L Holdings, the parent company of Summit Hill Foods. All other terms of the deal were not disclosed.
Summit Hill Foods began life as a family-owned bakery in Rome, Georgia in 1941 and has developed into a large branded food company that owns several nationally-recognized brands in the US, including the aforementioned Original Louisiana Hot Sauce, as well as Better Than Bouillon and Better Than Gravy. The firm also provides bases and sauces to restaurant, food service and industrial partners.
EagleTree Capital is a New York-based mid-market private equity firm with more than $5.6 billion of assets under management. It invests primarily in the consumer, water, specialty industrial, and media and business services sectors.
EagleTree partner Stuart Martin said in a statement: “We have been fans and customers of Summit Hill Foods’ products for a long time and are equally impressed by the company’s unique culture.
“Summit Hill Foods’ core values are trusting and valuing their employees, community involvement, a commitment to safety, and the relentless pursuit of excellence – values we believe are key to the company’s strong performance. We are proud to be stewards of Summit Hill Foods’ special ethos and are very excited to be a part of the company’s next phase of growth.”
G&L Holdings chairwoman Linda Owens said: “G&L Holdings is excited for the future growth of Summit Hill Foods and its brands under the ownership of EagleTree Capital. The Grizzard and Labbe shareholders want to thank our employees for their many years of service and are confident their future is bright.”