M&A Deal Summary

Ralcorp Holdings Acquires Flavor House Products

On April 23, 1998, Ralcorp Holdings acquired food company Flavor House Products from Heartwood Partners

Acquisition Highlights
  • This is Ralcorp Holdings’ 1st transaction in the Food sector.
  • This is Ralcorp Holdings’ 1st transaction in the United States.
  • This is Ralcorp Holdings’ 1st transaction in Alabama.

M&A Deal Summary
Date 1998-04-23
Target Flavor House Products
Sector Food
Buyer(s) Ralcorp Holdings
Sellers(s) Heartwood Partners
Deal Type Add-on Acquisition

Target

Flavor House Products

Dothan, Alabama, United States
Flavor House is the largest snack nut processor and marketer in the U.S. We supported management as they moved manufacturing facilities, divested non-core businesses, and vastly improved productivity, pricing and profitability over our thirteen year ownership.

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Buyer(S) 1

Buyer

Ralcorp Holdings

St. Louis, Missouri, United States
Category Company
Founded 1994
Sector Food
Revenue 4.3B USD (2012)
DESCRIPTION

Ralcorp produces a variety of private-brand foods sold under the individual labels of various grocery, mass merchandise and drugstore retailers, and frozen bakery products sold to in-store bakeries, restaurants and other foodservice customers. Ralcorp Holdings, Inc. was formed in 1994 and is based in St. Louis, Missouri.

DEAL STATS #
Overall 1 of 6
Sector (Food) 1 of 6
Type (Add-on Acquisition) 1 of 4
State (Alabama) 1 of 1
Country (United States) 1 of 5
Year (1998) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-13 Bakery Chef

Chicago, Illinois, United States

Bakery Chef, Inc. is a provider of value added bakery products to the food service market.

Buy $288M

Seller(S) 1

SELLER

Heartwood Partners

Norwalk, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1982
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Heartwood Partners is a private equity firm focused on partnerships with middle-market companies across the US. The Firm prefers to invest in family owned and managed companies where it can leverage strategic resources for long-term growth. Target companies are typically profitable with $5 to $30 million of EBITDA with up to $400 million in revenue. Sectors of interest include agriculture, automotive, consumer products, distribution, food, industrial services, niche manufacturing, packaging, and chemicals. Heartwood Partners was formed in 1982 and is headquartered in Norwalk, Connecticut.

DEAL STATS #
Overall 1 of 21
Sector (Food) 1 of 3
Type (Add-on Acquisition) 1 of 8
State (Alabama) 1 of 2
Country (United States) 1 of 21
Year (1998) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 Border Foods

Mount Prospect, Illinois, United States

Border Foods, Inc. is a provider of ingredients and packaged food products to the Mexican food industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-03 Border Foods

Mount Prospect, Illinois, United States

Border Foods, Inc. is a provider of ingredients and packaged food products to the Mexican food industry.

Sell -
Mergr

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