After M&A string, Stonewall Kitchen itself is sold in private-equity deal
File Photo / William Hall
Stonewall Kitchen, whose headquarters campus in York is shown here, was acquired by TA Associates.
Stonewall Kitchen, the York-based specialty food and home goods retailer, has changed hands in a transaction between two Boston private equity firms.
Audax Private Equity, which has held a majority stake in Stonewall since 2019, sold the company to TA Associates for an undisclosed price, according to a news release Monday.
Stonewall Kitchen, established in 1991, had itself been on a tear of acquisitions, buying companies such as Vermont Village, Village Candle, Urban Accents, Vermont Coffee Co. and Michel Design Works in recent years.
Prior to its purchase by Audax, Stonewall had been owned by New York investment firm Centre Partners.
“This has been an exciting few years at Stonewall Kitchen, as we have evolved from a standalone brand to a true family of brands in specialty food and home goods,” said Stonewall CEO John Stiker in the release.
“Partnering with TA provides us with even greater support to continue this evolution as a leader in the industry, and we’re thrilled that they combine a network of global resources with a New England heritage.
“We are grateful for the genuine partnership that our team had with Audax. It complemented our vision, helped us expand our capabilities and offerings, and took the company to levels we could not have foreseen just a few years ago."
Day-to-day operations of Stonewall Kitchen will be unchanged, and the company will continue to be run by the existing management team in York, led by Stiker, TA Associates said.
TA Associates, based with U.S. offices in Boston and Menlo Park, Calif., has invested in companies such as LegalZoom (Nasdaq: LZ), Lumber Liquidators (NYSE:LL) and Tempur-Pedic (NYSE:TPX).
Stonewall Kitchen sells specialty food and home goods products to more than 8,500 wholesale accounts nationwide and internationally. Stonewall Kitchen also operates 10 retail locations throughout New England and provides its products through catalogs and a direct-to-consumer website.
Stonewall recently closed a Portland location in the city’s Old Port and closed a cooking school in York.
TA said it intends to continue Stonewall's growth through additional acquisitions and new products.
“Alongside TA, we aim to continue our dynamic acquisition efforts while also growing our existing family of brands. Our focus will be on identifying products and brands that match our high-quality standards, and which preserve and enhance our core values and company culture. We’re excited to see what the future brings,” Stiker said.
Stonewall Kitchen was founded by partners Jonathan King and Jim Stott, who began by selling jams and jellies at local farmers’ markets and later expanded into sauces, condiments, crackers and baking mixes.
“Stonewall is an iconic brand, and we were honored to partner with John Stiker and the entire Stonewall management team to help grow the business. Between add-on acquisitions and organic growth, the company more than tripled in size over the past three years. We have enjoyed each and every day of our partnership with the entire Stonewall Kitchen team, and we look forward to following the company’s continued success for many years to come,” said Jay Mitchell, managing director at Audax.
“As longtime fans of the Stonewall Kitchen brand and its delicious products, we’re excited to invest in the company’s journey and partner with John and the entire management team. The culture and business practices at Stonewall Kitchen align closely with TA’s own philosophy and values, and we believe that we can transform the company together into an even more substantial enterprise,” said Bill Christ, a managing director at TA.
Most Recent
Most Recent
0 Comments