NewSpring Completes Investment in Food Manufacturer Joseph’s Frozen Foods
October 28, 2019
Radnor, PA – October 28, 2019 – NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Mezzanine ("NewSpring"), the Firm’s dedicated mezzanine strategy, has completed its investment to support the acquisition of Joseph’s Frozen Foods (“Joseph’s”) in partnership with LaSalle Capital.
Joseph’s is a leading manufacturer of frozen Italian pastas, specialty sauces, tray meals, and other food kits. Led by CEO, David Zwartendijk and based in Haverhill, Massachusetts, the Company manufactures its frozen food products for national restaurant chains, foodservice distributors, retailers, and other industrial clients. Joseph’s plans to fuel their next phase of growth by continuing product innovation and facilitating production capacity expansion.
“Joseph’s customers consistently rank the Company highly in terms of their satisfaction with its products, manufacturing capabilities, and customer service,” said Andrew Panzo, NewSpring General Partner. “Combined with its state-of-the-art manufacturing facility, we believe the Company’s longstanding customer relationships with industry-leading restaurants, distributors, and retailers position the Company well to further penetrate the foodservice market. We’re thrilled to partner with David and his team to help drive Joseph’s growth.”
“At Joseph’s, we do everything we can to provide our customers with the highest quality products they have come to know and appreciate,” said Zwartendijk. “At the same time, we see an opportunity to enhance our position in the market, and we’re excited to work with NewSpring and LaSalle Capital to continue growing this brand.”
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
Headquartered in Haverhill, MA, Joseph’s is a leading manufacturer and marketer of premium frozen stuffed pasta for the foodservice, retail, and industrial channels. Additionally, Joseph’s offers private label and co-manufacturing capabilities. Joseph’s incorporates time-honored recipes and methodologies to make a wide range of superior pasta and sauce products that inspire innovation and customer loyalty. Its artisan products include stuffed cannelloni, stuffed ravioli, stuffed tortellini, gnocchi, and manicotti. Joseph’s produces a differentiated product offering that uses unique recipes and the highest quality pasta and ingredients. Joseph’s operates a 160,000 square foot company-owned, manufacturing facility. For more information, visit www.josephsgourmetpasta.com.