NEP Expands Consumer Portfolio with Red Monkey Foods, Premium Spices, Seasonings and Salts Purveyor
December 11, 2020
- Red Monkey consistently prevails as the market leader in organic private label spices and seasonings as well as branded premium salts
- Company poised for continued growth with differentiated, global supply chain strength, breadth, and relationships with organic growers
- Sales driven through a diversified channel base of leading retailers, e-Commerce, and industrials customers
Norwest Equity Partners (NEP), a leading middle market investment firm founded in 1961, has made a significant investment in Red Monkey Foods (or the Company), a purveyor of premium organic, private label spices and seasonings, as well as branded salts sold primarily through grocery, mass, and specialty retailers. The transaction closed on December 9, 2020; financial terms of the transaction were not disclosed.
Founded in 2002 and headquartered in Springfield, Missouri, Red Monkey Foods operates out of three state of the art facilities. Red Monkey’s operations are USDA organic, SQF-III, and Kosher certified with Gluten Free and Non-GMO capabilities. The Company’s global supply chain, best in class food safety, category management expertise, operational agility, and strong innovation capabilities allow it to partner with customers and drive growth in the premium category. Beth Lesniak, NEP Managing Director, stated, “Led by a top-tier, operationally focused management team, Red Monkey has done a terrific job carving out a niche within broader spices and seasonings.”
Sundip Murthy, NEP Partner, added, “Red Monkey continues to deliver strong sales growth and provides a compelling value proposition to customers and consumers. The NEP team is excited to partner with management to further build the business into an even stronger and diversified, industry-leading company.”
Red Monkey prides itself on high-quality operations that allow for premium quality and food safety certifications. Customers value the safety and reliability of their supply chain as well as the strong service the Company provides. In addition, through emerging e-Commerce channels, Red Monkey, is also a provider of high-quality salt products, principally through the San Francisco Salt Company brand.
Scott Bolonda, Red Monkey Foods CEO, shared, “We were attracted to NEP from the onset due to their partnership approach and appetite to help accelerate building our business together. We continue to see strong growth in our space and look forward to capitalizing on the compelling trends with the resources of our new partner.”
Stifel served as the exclusive financial advisor to Red Monkey on the transaction; Winston & Strawn, LLP was legal advisor to NEP; Varagon and Bank of Ireland provided debt financing; and Norwest Mezzanine Partners provided subordinated debt financing.
With offices in Minneapolis and West Palm Beach, NEP has been investing in growing, profitable, and scalable middle market companies since 1961 and has deep experience working with industry-leading consumer focused companies.