CHICAGO — Pritzker Private Capital (PPC) and HF Capital have acquired a significant stake in Monogram Foods, a Memphis, Tenn.-based manufacturer of meat snacks, corn dogs, frozen appetizers, hot dogs, sausages, precooked bacon and portable snack and sandwich assembly. Financial terms of the investment were not disclosed.
Current owners, including co-founders Karl Schledwitz and Wes Jackson, and other members of Monogram Foods’ management will remain significant owners and will continue to lead the business, the companies said.
Founded in 2004, Monogram operates 10 manufacturing locations across six states and has more than 3,000 employees, The company plays a critical role in the supply chain for its co-manufacturing, private label and foodservice customers.
“Monogram Foods is an established leader in the prepared food industry with best-in-class manufacturing capabilities and a longstanding commitment to food safety, sustainability and social impact,” said Chris Trick, investment partner at PPC. “Monogram is led by a world-class management team and has leading market positions in its categories and compelling opportunities for long-term growth and expansion. We are thrilled to partner with Karl and the team and support Monogram in its next phase of growth.”
Schledwitz said PPC is the “ideal partner” to support Monogram’s next chapter of growth. Monogram already this year has acquired Denison, Iowa-based Quality Food Processors and announced plans to build a new 135,000-square-foot food production plant and distribution center in Haverhill, Mass. The facility will serve as a distribution center for Monogram Foods’ production facilities in the Greater Boston area and expects operations to begin in April 2022.
“This partnership will help our company grow through strategic acquisitions, expand our nationwide facility footprint, strengthen our R&D capabilities and provide new opportunities for our talented team,” Schledwitz said.
PPC partners with middle-market companies based in North America with leading positions in the manufactured products, services and health care sectors. The firm’s portfolio includes CH Guenther & Son, a producer of a variety of branded and private label food products for foodservice, quick-service restaurant, club and retail customers. PPC acquired San Antonio-based CH Guenther & Son in 2018.
HF Capital invests capital on behalf of the Haslam family, based in Knoxville, Tenn. This includes direct investments in operating companies as well as investment commitments to exceptional managers of liquid and illiquid investments across a spectrum of asset classes and geographies.