USA – Benford Capital Partners (BCP), a private-equity firm based in Chicago, has acquired Turri’s Italian Foods, a Michigan-based manufacturer known for its frozen pasta and rice products.
This acquisition, announced on August 7, 2024, marks BCP’s seventh platform investment in the food sector, emphasizing its commitment to supporting family-owned food companies.
Founded in 1949, Turri’s Italian Foods specializes in producing “individually quick frozen” (IQF) pasta and rice, which are essential ingredients for various food products. These include retail packaged pastas, ready-to-eat meals, and deli salads.
The company serves a diverse clientele, including food manufacturing firms, large consumer packaged goods companies, restaurant chains, national retailers, and distributors.
Financial details of the acquisition have not been disclosed, but it is clear that BCP aims to enhance Turri’s operational capabilities and expand its production capacity.
John Turri, president of Turri’s, expressed enthusiasm about the partnership, stating, “We are delighted to partner with Benford Capital in support of Turri’s continued growth. Our team looks forward to working with BCP to enhance our capabilities, expand our production capacity, and continue to provide the exceptional product quality and customer service that has driven Turri’s success over the last 75 years.”
This sentiment reflects the Turri family’s commitment to maintaining the company’s legacy while pursuing future growth.
Ben Riefe, managing director at BCP, highlighted the strategic importance of this acquisition for the firm.
He noted, “Our investment in Turri’s marks BCP’s seventh platform investment in the food sector and further demonstrates our long-tenured commitment to building and scaling unique, family and founder-owned food companies.”
This acquisition aligns with BCP’s broader strategy of investing in businesses that have strong foundations and growth potential.
BCP has been actively expanding its portfolio in the food industry, bringing its total investments in this sector to 16.
Earlier this year, the firm exited its investment in Saco Foods, a US dip maker, which it had initially invested in back in 2017.
In addition, last month, BCP’s Legacy Bakehouse acquired the operating assets of Angelic Bakehouse, further showcasing the firm’s aggressive growth strategy.
Currently, BCP is investing from its US$200 million Fund II and manages approximately US$350 million in total capital.
The firm’s focus on the food sector is indicative of the growing demand for high-quality food products, particularly those that cater to the evolving preferences of consumers.
The acquisition of Turri’s Italian Foods not only strengthens BCP’s position in the food industry but also ensures that the Turri family remains at the helm of the company.
This continuity is crucial for maintaining the brand’s integrity and commitment to quality, which has been a hallmark of Turri’s operations for decades.
As the food industry continues to evolve, partnerships like this one between Benford Capital Partners and Turri’s Italian Foods are pivotal in driving innovation, enhancing production capabilities, and meeting the changing needs of consumers.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE.
