Co-Manufacturer Crest Foods Sold to Harwood Private Equity

Feb. 22, 2024
Ashton, Ill.-based manufacturer of dairy stabilizers, contract packaging and branded and private-label dry foods will embark on a new phase of growth.

Crest Foods, an Ashton, Ill.-based manufacturer of dairy stabilizers, contract packaging, and branded and private-label dry foods, has been sold by Brown Gibbons Lang & Co. (BGL) to private investor Harwood Private Equity. Terms of the transaction were not disclosed.

Crest Foods was founded in 1946 and provides food manufacturing, packaging and product development services to branded and private-label customers, across three business lines: ingredients; contract packaging; and consumer products.

Within the ingredients business, Crest develops proprietary stabilizer formulations and recipes for dairy products such as cottage cheese, cream cheese, yogurt and dairy protein- and plant-based beverages. The contract packaging business focuses on servicing branded and private-label food companies, while the consumer products division specializes in outsource product development and turn-key manufacturing services for branded food companies.

Crest is expected to embark on a new phase of growth under Harwood’s watch. In conjunction with the acquisition, BGL facilitated a sale-leaseback of the 575,000-sq.-ft. facility in Ashton, in which Crest operates, via TPG Angelo Gordon’s Net Lease business, the news release said.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.

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