The acquisition will strengthen Lassonde's
position in the North American specialty food market
CHICAGO, June 27,
2024 /PRNewswire/ -- Brown Gibbons Lang &
Company (BGL) is pleased to announce The Zidian Group, which
operates Summer Garden Food Manufacturing (Summer Garden), has signed a definitive
agreement to be acquired by Lassonde Industries Inc. (TSX: LAS.A)
(Lassonde), a manufacturer of private label and branded food and
beverage products. BGL's Food and Beverage investment banking team
is serving as the exclusive
financial advisor to The Zidian Group. This deal
marks another successful branded food M&A transaction for the
Food & Beverage team and furthers their experience and
expertise in the consumer-packaged goods sector.
Based in Boardman, Ohio,
Summer Garden operates out of a
10-acre campus consisting of a Green LEED-certified manufacturing
facility with research & development and production
capabilities, including high-acid and low-acid (retort)
manufacturing capabilities. Summer
Garden is an owned subsidiary of The Zidian Group, a
family-owned manufacturer, marketer, and distributor of premium
sauces, including BBQ sauces and pasta sauces, as well as dipping
sauces, marinades, dressings, and other shelf-stable products. The
business' owned brands include G Hughes Sugar Free,
Little Italy in the
Bronx, and Gia Russa. It is also a recognized and
trusted co-packer for well-known and growing brands. The company's
product portfolio consists of more than 250 products sold at more
than 20,000 retail outlets.
Zidian Group's owned brands include:
- G Hughes Sugar Free: the leader in the
sugar-free and better-for-you ("BFY") barbeque sauce segment, as
well as dipping sauces, marinades, dressings, and other specialty
sauces
- Little Italy in the
Bronx: a super-premium
line of Italian pasta sauces inspired by Arthur Avenue, one of the
oldest Italian neighborhoods in the
United States
- Gia Russa: a
diversified portfolio of Italian food products, including pasta,
pasta sauces, oils, olives, vinegars and other specialty food
products
The acquisition of Summer Garden
to Lassonde's portfolio will catalyze their ongoing growth in the
branded and private label specialty food sectors with the expansion
of new product offerings and manufacturing capabilities. Lassonde's
culture and values align seamlessly with those of Summer Garden, a multi-generational family
business known for its entrepreneurial spirit and strong commitment
to its employees, customers, consumers, and the communities it
serves.
"I am extremely pleased with the outcome of this transaction.
The goal for my family when we began considering alternatives for
the company was to identify the ideal partner who could preserve
and grow what we have built over the last 75+ years with
Summer Garden. BGL did an incredible
job positioning and communicating our story to the market, which
enabled us to select Lassonde to support the company's exciting
growth trajectory within both the Branded Products and Contract
Manufacturing divisions," said Thomas
Zidian, founder and owner of The Zidian Group. "I thank Dan,
Stephen, and the rest of the BGL Food & Beverage team for
providing invaluable strategic advice, a steadfast commitment to
the transaction, and delivering outstanding results."
BGL's Food and Beverage investment banking team, led by BGL
Managing Director Daniel Gomez, has
deep sector knowledge and extensive transaction experience,
representing companies across the entire food and beverage
landscape. Coverage includes retail of both branded and private
label products, global supply chain sourcing, contract
manufacturing, processing, distribution, and wholesale.
To learn more about the state of food & beverage M&A,
including the trends and opportunities in the specialty food
sector, download our most recent Food and Beverage research
reports: https://bit.ly/BGLFoodandBeveragePublications
About Brown Gibbons Lang & Company
Brown Gibbons
Lang & Company (BGL) is a leading independent investment bank
and financial advisory firm focused on the global middle market.
The firm advises private and public corporations and private equity
groups on mergers and acquisitions, capital
markets, financial restructurings, business valuations
and opinions, and other strategic matters. BGL has
investment banking offices in Chicago, Cleveland, Los
Angeles, and New York, and
real estate offices in Chicago,
Cleveland, and San Antonio. The firm is also a founding
member of REACH Cross-Border Mergers & Acquisitions, enabling
BGL to service clients in more than 30 countries around the world.
Securities transactions are conducted through Brown, Gibbons, Lang
& Company Securities, LLC, an affiliate of Brown Gibbons Lang
& Company LLC and a registered broker-dealer and member of
FINRA and SIPC. For more information, please visit
www.bglco.com.
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