Evanston, Ill., May 11, 2023 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has acquired Harvest Food Group, Inc. (“Harvest” or the “Company”). Terms of the transaction were not disclosed.
Harvest is a contract manufacturer, supplier, and distributor of frozen foods. The Company is headquartered in Naperville, Ill. and operates a 184,000 Sq. Ft. SQF-certified and USDA-inspected manufacturing and distribution facility located in Chicago, Ill. Through its extensive production, packaging, R&D, and global ingredient sourcing capabilities, the Company serves a variety of blue chip and emerging customers including branded consumer packaged goods, private label / store brands, foodservice accounts, and other food manufacturers. In addition, Harvest manufactures and markets its own plant-based frozen food products which are sold under the “Path of Life” brand at over 4,000 retail locations throughout the U.S.
Jason Eckert, who co-founded Harvest with his father in 1999, will continue leading the Company as CEO. Mr. Eckert commented, “The Harvest team and I are excited to partner with IOP. We believe IOP’s operations‐focused approach will assist us in optimizing all aspects of our business to support continued growth and better serve the evolving needs of our customers.”
Norm Young, an IOP Operating Principal, will assume the position of Chairman of Harvest. Mr. Young is a member of IOP’s Board of Operating Principals which is comprised of experienced executives who provide leadership to the businesses in which IOP invests. Mr. Young said, “I look forward to working closely with the entire Harvest management team to achieve our operational and future growth goals while expanding capabilities and offerings for our customers.”
Chris Willis, Managing Director of IOP, added, “We believe Harvest will be an excellent addition to the IOP portfolio. We’re thrilled to support Harvest during its next phase of growth and look forward to bringing IOP’s operational discipline and expertise to food manufacturing.”
Harvest represents the third platform investment for IOP’s fourth fund, Industrial Opportunity Partners IV, L.P. The transaction’s debt financing was provided by Comerica Bank and Old National Bank. Winston & Strawn LLP provided legal representation to IOP in the transaction. BMO Capital Markets acted as advisor to Harvest on the transaction.
About Harvest
Founded in 1999, Harvest is a value-added co-packer, supplier, and distributor of frozen foods. Harvest specializes in entrees, side dishes, meal kits, blends, and a variety of produces and ingredients. The Company is headquartered in Naperville, Ill. and operates a 184,000 Sq. Ft. SQF-certified and USDA-inspected manufacturing and distribution facility located in Chicago, Ill. Learn more about Harvest at www.harvestfoodgroup.com and www.pathoflife.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with over $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.