Transaction overview
An affiliate of New Water Capital Partners L.P., a private equity firm based in Boca Raton, Florida, acquired Custom Made Meals, a Denver-based manufacturer of fresh oven-ready meals and appetizers sold across over 6,000 retail grocery locations nationwide. The transaction also included the acquisition of Custom Corned Beef, Inc., which manufactures raw and cooked corned beef, roasts, and deli meats. The deal closed on April 4, 2017, with the exact terms and valuation undisclosed.
Deal structure and financing
Details regarding the equity and debt split, lock-up provisions, and IPO optionality are not disclosed in the transaction announcement. Triton Capital Partners acted as the exclusive financial advisor to Custom Made Meals for this acquisition, while Private Bank & Trust Company provided senior debt financing for the deal. No information is available on whether any parties retained a stake in the company post-transaction.
Strategic context
New Water Capital's motivation behind the acquisition stems from its interest in expanding into new markets and growing an established player in the fresh ready-to-cook meal segment, which has seen rising demand as consumers seek convenient food solutions. The deal enables Custom Made Meals to benefit from New Water’s expertise in manufacturing infrastructure, automation technologies, and management practices, thereby enhancing operational efficiency and market share growth.
Historically, Custom Made Meals was owned by the Jewsbury family since 1977 through their company Custom Corned Beef Inc., which they acquired alongside President John Birdsall when purchasing Custom Made Meals from Maverick Ranch in 2009. The current transaction represents a strategic exit for the Jewsburies and an opportunity to continue growth with New Water Capital's backing.
Regulatory path
No information is provided about regulatory oversight or approvals required during this acquisition process. Given that Custom Made Meals operates nationwide in the United States, it likely involved review by relevant antitrust authorities such as the Federal Trade Commission (FTC) or the Department of Justice Antitrust Division (DOJ). However, no specific details on remedies or filing dates are available.
The deal's structure and financing specifics remain undisclosed, but New Water Capital is known for its focus on lower-middle market companies in the consumer goods sector. This acquisition aligns with their strategy to invest in food manufacturing businesses poised for growth through operational improvements and expanded market reach.