Creates a Leading Sensory Ingredients Platform of Scale in a Large and Growing Industry
CHASKA, Minn. — QualiTech, a global manufacturer of plant nutrition, animal nutrition and food ingredient products and services, announced the acquisition of Ellison Bakery (“Ellison” or the “Company”), a manufacturer of cookies, snack bars, crunches, toppings, and inclusion ingredients for retail, food service and private label end markets. Terms of the transaction were not disclosed.
Headquartered in Fort Wayne, Indiana, Ellison provides a wide range of bakery products and solutions including mix-ins, frozen novelty components, and snack inclusions to a diverse mix of blue-chip customers and established and emerging brands. The acquisition of Ellison advances QualiTech’s plans to strategically expand the platform’s capabilities with synergistic products and ingredient solutions and drive future growth following MidOcean Partners’ investment in the company in 2023. MidOcean identified Ellison, a portfolio company of Tilia Holdings, LLC, as a priority add-on acquisition target early in the underwriting process due to the highly complementary nature of its products to the ingredient solutions that QualiTech provides.
“Bringing Ellison into the QualiTech family will be beneficial for both companies as well as our customers,” commented Rick Pedersen, CEO of QualiTech. “Both organizations have rich legacies of bespoke R&D, differentiated customer service, and superior product quality. As a combined platform, we will be able to scale services, build additional product capabilities, and unlock access to a larger addressable market. The acquisition accelerates QualiTech’s efforts to lead the industry in providing specialty ingredients that enhance the sensory components of consumers’ favorite foods and positions our business for long-term success.”
Stephanie Chattillion, CEO of Ellison Bakery, said, “We are excited to partner with QualiTech and to leverage MidOcean’s resources and expertise in the food business to drive success for the combined company. QualiTech’s approach to customer service uniquely aligns with our own culture and commitment to delivering high-quality products to our customers. We look forward to expanding the breadth of products that we can offer and creating a leading customized food inclusion and ingredients platform.”
Steven Loeffler, Managing Director at MidOcean Partners, added, “The transformational combination of these two businesses, the first major acquisition following our investment in QualiTech, reinforces QualiTech’s position as a differentiated ingredients platform and provides an entry into compelling new product applications and end markets. We look forward to working with Rick, Stephanie, and their teams as we continue identifying opportunities to enhance the platform’s capabilities through organic value creation initiatives and strategic M&A.”
About QualiTech
Founded in 1967 and headquartered in Chaska, MN, QualiTech is a leading global manufacturer of value-added ingredient solutions with product applications that fulfill complex taste, appearance, texture and functional attribute requirements for food, animal nutrition, and agronomy customers. The company delivers best-in-class ingredients and nutrients that promote the health and wellbeing of people, animals, and the environment to a broad range of market-leading customers in CPG, livestock, and specialty crop end-markets. The company owns and operates two manufacturing facilities and three land parcels in Chaska, MN, with one co-manufacturing partner located in California.
About Ellison Bakery
Founded in 1945 and headquartered in Fort Wayne, Indiana, Ellison is a leading developer and manufacturer of customized baked ingredient solutions serving the retail, industrial, and foodservice channels. Ellison manufactures baked inclusions, crunches, bits, cookie components, and bars that are used in a variety of applications including active nutrition, frozen novelty, ice cream, yogurt, and beverage, amongst others.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, structured capital, and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts. For more information, please visit: https://www.midoceanpartners.com
