The Bottom Line: NewSpring Exits Joseph’s Gourmet Pasta

NewSpring ("the Firm"), a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, has exited its investment in Joseph’s Gourmet Pasta (Joseph’s).

Joseph’s is a leading manufacturer of frozen pastas and other food products

NewSpring invested in Joseph’s in 2019 alongside Chicago-based firm LaSalle Capital. Today, the company has grown into a leading frozen food manufacturer with a focus on producing frozen pastas and related products with high levels of quality, texture and flavor. Based in Haverhill, MA, the company supplies a diverse set of end markets and customers.

NewSpring helped Joseph’s navigate market changes and uncertainty

Shortly after NewSpring’s investment, Joseph’s was presented with the challenge of navigating the COVID-19 pandemic. The pandemic significantly altered the frozen food landscape and negatively impacted demand. NewSpring worked closely with Joseph’s management team to overcome these challenges, ultimately building a business with improved customer mix and profitability.

“NewSpring and LaSalle have been outstanding partners to the Joseph’s team. They had a clear understanding of our business and know what it takes to be a successful food manufacturer selling to all channels in the trade. They backed our vision, provided strategic and financial support to invest in our team and expand our capabilities which helped us better serve our customers and accelerate our growth plan to position the company for an exciting future. We are very grateful for their partnership.” - Joseph’s CEO, David Zwartendijk

The company’s focus on quality and customer success drove its rapid expansion

Throughout NewSpring’s investment, Joseph’s retained its relentless focus on product quality and taste. With NewSpring’s guidance and support, Joseph’s expanded its leading position in the foodservice market, partnered with key retail and industrial accounts, and remained at the forefront of new product innovation. 

NewSpring exited the business through a sale to Turri’s Italian Foods

NewSpring exited Joseph’s through a sale to Turri’s Italian Foods, a PE-backed strategic acquirer and Benford Capital Partners portfolio company. David Zwartendijk will continue to lead the combined entity through its next phase of growth.

“Throughout our partnership with Joseph’s, their team demonstrated unwavering commitment to enhancing product quality and adapting to customers’ evolving needs. That dedication was a key driver of their success and enabled them to win new business even in difficult economic conditions. We wish David and the entire Joseph’s team continued success as they grow alongside Turri’s Italian Foods and Benford Capital Partners.” – Andrew Panzo, General Partner, NewSpring Mezzanine