The Riverside Co., a global private equity firm, will acquire specialty ingredients supplier Parker Products later this month.
The Forth Worth, Texas-based operation, which specializes in toppings, inclusions and grinds for a range of food and beverage industry segments, will join Riverside’s growing portfolio of specialty food companies, including Tate’s Bake Shop, Nustef Foods, Uinta Brewing Co. and YumEarth.
Parker Products President Greg Hodder said Riverside’s investment will accelerate Parker’s growth.
“It will allow us to increase our capabilities and expand our product offerings,” he said. “At the same time, we will still continue to offer our customers the same great service and intriguing ingredients we have always provided. For our longtime customers, the only change will be an increased capacity to meet their needs and offer them exciting new product possibilities.”
Parker’s leadership team will remain in place following the acquisition, including Hodder as president. Parker broke ground on a new state-of-the-art facility in December 2016, and the company’s operations will move to the new location on Strawn Drive in Fort Worth once it is complete in early 2018. The new facility will triple the company’s total production capacity, accommodating anticipated growth following the acquisition.
“Parker Products has built its reputation on exceptional customer service and the unmatched quality of its products,” said Riverside Partner Meranee Phing. “We’re excited about helping the company achieve its full potential by serving existing customers more broadly and winning new customers as it increases in scale and offerings.”