Frostkrone group, a Rietberg based portfolio company of funds advised by EMERAM Capital Partners and a leading manufacturer of frozen convenience food in Europe, continues its international expansion by the acquisition of Rite Stuff Foods, Inc. from its founder and CEO Thomas J. Madden.
Rite Stuff Foods was established in 1989 and currently employs more than 230 employees. It is one of the preeminent American producers of potato specialties. Based in Jerome, Idaho, Rite Stuff Foods processes original Idaho potatoes to baked, filled potatoes, filled potato skins, and potato wedges in different flavors as well as potato pancakes, rollers and hearts. The products are available in retail, food service, as well as in restaurants.
At the beginning of 2017, a majority in Frostkrone was acquired by EMERAM followed by two add-on acquisitions in 2018 (Piz’wich and Varenne Gastronomie, both in France), in which GLNS assisted.
GLNS advised again as lead-counsel in the current transaction with partners Ludger Schult (M&A/Private Equity) and Andreas Scheidle (Tax). The mandate for all aspects concerning US law was held by Thompson Hine (Peter W. Smith, partner, and Justin Tillson, associate – both M&A).
The seller was advised by Hawley Troxell (Boise, USA).