Entrepreneurial Equity Partners (“e2p”), a Chicago-based private equity firm focused on the food and consumer packaged goods industries, announced today that its portfolio company, Furlani Foods, has acquired Cole’s Quality Foods . The transaction creates a leading provider of frozen garlic bread products serving retail and food service channels. Financial terms of the transaction were not disclosed
For more than 40 years, Furlani has had a rich heritage of making great quality specialty garlic breads for distribution to North America’s leading retailers and foodservice operators. Furlani offers consistent, homemade-tasting products across a diverse range, including Texas toast, garlic bread, cheese bread, breadsticks, and garlic knots. Its unique production capabilities have made it a primary choice for national retailers for both branded and private label items. Furlani operates out of two stateof-the-art facilities located in Oak Creek, Wisconsin, as well as Mississauga, Ontario, Canada.
Cole’s Quality Foods, founded in 1943, has a rich history of innovation in the frozen bakery category, introducing products such as twisted and cheese-filled garlic breadsticks. The Company operates two production facilities in Muskegon, Michigan, and North Liberty, Iowa. Its branded products are sold at leading U.S. retailers under the Cole’s brand.
“We are excited to add Cole’s to Furlani Foods,” said Christina Wang, Vice President at e2p. “The strategic combination of the two companies strengthens our position in the specialty bread and frozen products categories. By combining these exceptional businesses, we have created a stronger enterprise that will work to drive innovation and growth in the specialty bread category while maintaining the high-quality standards that both companies are known for. The Furlani platform will leverage its expanded manufacturing footprint and product portfolio to better serve customers across North America.”
CJ Fraleigh, Managing Partner at e2p, added, “The successful completion of this transaction demonstrates our continued ability to identify and execute opportunities that align with our investment thesis in the food sector. We believe this combination will expand our ability to serve a broader customer base with enhanced capabilities and product offerings.”
The transaction builds upon e2p’s history of growing leading companies in the food sector. The combined company will integrate, expand, and invest in operations, serving its expanding customer base with a growing product portfolio.
Mayer Brown LLP acted as legal counsel, and FTI Consulting as transaction advisor for e2p and Furlani Foods.
KPMG Corporate Finance LLC served as the exclusive financial advisor to Cole’s Quality Foods and Varnum LLP acted as legal counsel in connection with the transaction.
About Furlani Foods
Founded in 1984 in Mississauga, Ontario as a processor of garlic spreads and purees, Furlani has since transformed into a recognized specialist in garlic bread, breadsticks, garlic toast, and garlic rolls manufacturing and distribution. In 2023, Entrepreneurial Equity Partners invested in Furlani alongside the Kawaja family. More information on Furlani can be found at www.furlanifoods.com
About Cole’s Quality Foods
Founded in 1943 with locations in Michigan and Iowa, Cole’s Quality Foods offers frozen garlic bread, cheese-filled garlic breadsticks, and other frozen baked goods that are known for their signature blend of spices. More information on Cole’s can be found at www.coles.com.
About Entrepreneurial Equity Partners (e2p)
Entrepreneurial Equity Partners (e2p) is a Chicago-based middle market private equity firm focused on control-oriented investments in the food and consumer packaged goods industries. e2p’s team includes experienced food and consumer packaged goods executives and investors who bring an entrepreneurial mindset and extensive industry network to support and collaborate with portfolio company teams. For further information, please visit www.e2p.com.
