Geneva Glen Capital Announces the Acquisition of Dianne's Fine Desserts
PRESS RELEASE
FOR IMMEDIATE RELEASE
Chicago, June 14, 2016 – Geneva Glen Capital ("GGC"), a private equity firm headquartered in Chicago, IL, is pleased to announce the acquisition of Dianne’s Fine Desserts (“Dianne’s” or the “Company”). Based in Newburyport, MA, Dianne’s is a leading provider of premium frozen thaw-and-serve desserts to the foodservice industry, highly regarded national restaurant chains, and the in-store bakeries of national grocery chains.
Founded over 40 years ago, Dianne’s product line includes cheesecakes, layer cakes, pies and tarts, brownies/bars and individual minis and specialty desserts. Dianne’s has three GFSIcertified manufacturing facilities, including the Company’s private label in-store bakery provider, Daystar Desserts. The Company was carved out of Heinz Foodservice as a standalone platform in 2012 and has since broadened its product line, won exciting new accounts, penetrated the in-store bakery channel, and built out an industry-leading infrastructure with a focus on innovation, quality, and service. The Company offers hundreds of indulgent desserts that anticipate consumer demand and support customer initiatives and goals.
GGC has had a longstanding relationship with Dianne’s CEO Mike Knowles (who was an Operating Partner with GGC before joining Dianne’s) and President Dan Scales. In connection with the transaction, the Dianne’s management team holds a significant equity interest in the Company. GGC plans to work with the Dianne’s team to continue leveraging the Company’s robust innovation capabilities, build on its market differentiation, execute an aggressive organic growth plan, and actively pursue synergistic and strategic add-on acquisitions.
“Dan and I and the entire Dianne’s team are thrilled to partner with GGC to execute on the next phase of our growth plan,” said Mike Knowles. “It was critical that we chose a partner who sees our vision and who would provide the resources, insight and flexibility to execute on a tremendous market opportunity. GGC certainly fit that bill.”
Jeff Gonyo, Managing Director of GGC, stated, “Dianne’s market position, coupled with the management team’s deep expertise and passion, made this a great investment opportunity for us.” Adam Schecter, Managing Director of GGC, added, “We have worked closely with Mike Knowles on numerous food opportunities over the years, and we are extremely excited to continue to grow our relationship through this partnership.”
GGC acquired the business in partnership with management on June 10, 2016. Dianne’s is the third platform investment for GGC. Terms were not disclosed. Dianne’s seeks to acquire complementary dessert businesses as part of its strategic growth plan.
About Geneva Glen Capital, LLC
Geneva Glen Capital is a Chicago-based private equity firm that invests in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC will consider control buyout transactions as well as minority growth capital investments and targets companies headquartered in the U.S. or Canada with EBITDA between $3 million and $20 million. The firm works closely with management teams to establish and execute on a clearly defined value creation and growth plan. The principals of GGC have extensive private equity experience and a family office-oriented fund structure which provide the ability to be flexible, creative and, if appropriate, long-term investors.
Jeff Gonyo
Managing Director
(312) 525-8501
jgonyo@genevaglencapital.com
Tom Wuellner
Principal
(312) 525-8503
twuellner@genevaglencapital.com
Adam Schecter
Managing Director
(312) 525-8502
aschecter@genevaglencapital.com