Harris Williams Advises Stonewall Kitchen, LLC on its Sale to TA Associates

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Stonewall Kitchen, LLC (Stonewall Kitchen), a portfolio company of Audax Private Equity (Audax), on its sale to TA Associates (TA). Stonewall Kitchen is a leading family of specialty food, home goods and personal care lifestyle brands. The transaction was led by Tim Alexander, Ryan Freeman, Kelly McPhilliamy, Andy Warczak, Hilary King and Jeremy Sachs of the Harris Williams Consumer Group.

“Stonewall Kitchen, known for its high-quality artisan products, has been beloved by consumers around the world since its founding more than 30 years ago,” said Tim Alexander, a managing director at Harris Williams. “The company has thrived in partnership with Audax, and we are excited to see what it achieves in its next chapter with TA.”

“Stonewall Kitchen is building a one-of-a-kind family of brands that spans multiple categories. The brands possess a unique level of cohesiveness from a product positioning and brand ethos standpoint, and when combined with the power of the platform are generating strong growth relative to the categories in which they compete,” added Ryan Freeman, a managing director at Harris Williams.

“The successful expansion beyond food and into high-growth personal care and home fragrances categories speaks to Stonewall Kitchen’s platform strength,” added Kelly McPhilliamy, a managing director at Harris Williams. “The company is successfully executing an exciting strategy that delivers continued runway for growth.”

Stonewall Kitchen is a leading specialty food, home goods and personal care producer headquartered in York, Maine. Founded in 1991 by partners Jonathan King and Jim Stott, the two established the Stonewall Kitchen brand by selling jams and jellies at local farmers’ markets with a flavorful line of distinctive and high-quality products. Over time, they expanded the brand to include sauces, condiments, crackers, and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Today, Stonewall Kitchen is a premier specialty food and home goods platform in North America, home to a family of premium quality brands including the flagship Stonewall Kitchen® brand; the Vermont Coffee Company® brand of high quality, non-GMO, certified organic coffee; the Urban Accents® brand of globally-inspired spice mixes, seasonings, and sauces; the Village Candle® brand of fragranced candles, gifts, and accessories; the Tillen Farms® brand of pickled vegetables and cocktail cherries; the Napa Valley Naturals® brand of olive oils, culinary oils, balsamic vinegars, and wine vinegars; the Montebello® brand of artisan organic pasta imported from Italy; the Vermont Village® brand of organic apple sauce and apple cider vinegars; the Michel Design Works® brand of elegantly designed and crafted personal and home care products; and the Legal Sea Foods® brand of restaurant-quality seafood sauces and condiments. The company boasts national and international distribution; a thriving catalog and online division; a cafe in York, Maine; and 10 retail stores throughout New England. As winners of more than 30 prestigious awards from the Specialty Food Association and the recipient of the coveted Outstanding Product Line Honors three times, Stonewall Kitchen is proud to be one of the most awarded specialty food companies in the country.

Audax Group is a leading alternative investment manager with offices in Boston, New York and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies.

TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – consumer, technology, healthcare, financial services, and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston; Menlo Park, California; London; Mumbai, India; and Hong Kong.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Consumer Group has completed transactions across a variety of verticals, including food, beverage and agribusiness; branded consumer products; consumer services; and restaurant and retail. For more information on the Harris Williams Consumer Group and recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.


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