M&A Deal Summary

House Foods Group Acquires Keystone Natural

On September 16, 2022, House Foods Group acquired food company Keystone Natural from Keystone Capital

Acquisition Highlights
  • This is House Foods Group’s 1st transaction in the Food sector.
  • This is House Foods Group’s 1st transaction in the United States.
  • This is House Foods Group’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2022-09-16
Target Keystone Natural
Sector Food
Buyer(s) House Foods Group
Sellers(s) Keystone Capital
Deal Type Add-on Acquisition
Advisor(s) Whipstitch Capital (Financial)

Target

Keystone Natural

Folcroft, Pennsylvania, United States
Keystone Natural is a manufacturer of healthy, plant-based protein products including tofu, meatless veggie burgers, and other soy-based and vegetarian items. The Company sells into the retail and foodservice channels under the Nature Soy, VeggieLand, Franklin Farms, and Superior Tofu brands.

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Buyer(S) 1

Buyer

House Foods Group

Tokyo, Japan
Category Company
Founded 1913
Sector Food
Employees6,543
Revenue 299.6B JPY (2024)
DESCRIPTION

House Foods Group is a foodservice company. House Foods was founded as an herbal medicines and pharmaceuticals company, and over its history has grown into one of the largest Japanese suppliers of curries, spices, and other foodservice products. House Foods Group was founded in 1913 and is based in Tokyo, Japan.

DEAL STATS #
Overall 1 of 1
Sector (Food) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1

Seller(S) 1

SELLER

Keystone Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 420M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Keystone Capital is a private equity firm focused on acquiring family businesses, corporate divestitures, industry consolidations, and special situations. Keystone prefers lower middle-market, US-based businesses with EBITDA of $3 to $15 million. Target sectors include specialty manufacturing, business services/outsourcing, food processing and ingredients, publishing, instrumentation, optical components, and healthcare products/services. Keystone will not invest in start-ups, turnarounds, commodities, defense/government contractors, retail stores, or restaurants. Keystone Capital was formed in 1994 and is based in Chicago, Illinois.

DEAL STATS #
Overall 22 of 24
Sector (Food) 4 of 4
Type (Add-on Acquisition) 12 of 13
State (Pennsylvania) 3 of 3
Country (United States) 22 of 24
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-16 Novatio

Chicago, Illinois, United States

Novatio is a hyperautomation consultancy with deep expertise in automation strategy, software implementation, and ongoing support of automation programs. Novatio primarily works in partnership with UiPath and Automation Anywhere, the leading robotic process automation (“RPA”) and intelligent automation software platforms.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-18 E4H

Williston, Vermont, United States

E4H is an architectural design and facilities planning firm focused on the healthcare and life sciences markets. E4H was founded in 1990 and is based in Williston, Vermont.

Sell -
Mergr

Product

Company

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