Glencoe Capital, LLC, a private equity firm based in Chicago, Illinois, announced Wednesday that it has expanded its food products group by acquiring Urbana-based Robert Rothschild Farm, a deal that took effect on May 22.
A property search on the Champaign County auditor’s website reveals 30.279 acres of the Rothschild property at 3143 E. U.S. Route 36 were purchased on June 2 for $3,946,690 by the Cincinnati Preserving Company (doing business as Clearbrook Farms – a Glencoe-owned company). Rothschild had been under the ownership of Strength Capital Partners, LLC since July 2005.
A press release issued Wednesday by Glencoe states the acquisition of Rothschild “complements” the Clearbrook Farms business, which specializes in premium fruit-based food products. The deal, the release states, “significantly expands the combined company’s total product offering.”
Rothschild, which has operated from its corporate and manufacturing headquarters in Urbana since 1984, manufactures gourmet foods, including dips, sauces, condiments, preserves, spreads, mustards, pasta sauces and dessert toppings.
“We are thrilled to invest in the long-term growth of Rothschild given their strong brand awareness and focus on innovative products that have been recognized as best-in-class within the specialty food market,” Glencoe Chairman and CEO David Evans states in the press release. “These two businesses (Rothschild and Clearbrook) are compelling specialty food providers, serving consumers’ rapidly growing desire for all-natural, premium food products.”
With Rothschild scheduled to combine with Clearbrook, the press release indicates, the current active presidents/CEOs of each company will remain in leadership roles. Andy Liscow, president and CEO of Clearbrook, will become vice chairman of Clearbrook and Rothschild, while current Rothschild President and CEO Andrew Deister will become president and CEO of Clearbrook and Rothschild.
Both Liscow and Deister weighed in as to what Glencoe’s acquisition of Rothschild means for the future of both food manufacturers.
“Since 1924, Clearbrook Farms has consistently stood for quality and has been a leader in providing premium value added fruit products,” Liscow states in the press release. “We are pleased that this investment by Glencoe Capital will enable our two organizations to benefit from each other’s expertise and provide broader product capabilities to our customers.”
Deister added, “We are excited about the unique opportunities this combination creates for our customers, employees and business partners.”
Founded in 1994, Glencoe is a diversified, privately-held company engaged in food and food products, specialty chemicals, early childhood education, plastics and packaging, and specialty insurance.
According to the press release, Glencoe businesses strive for leadership in their respective industries while recognizing the importance of socially responsible business practices. Glencoe also conducts its historical alternative investment management activities in middle market private equity.
Throughout its history, the press release states, Glencoe’s proprietary executive network, which comprises core business leaders – Fortune 1000 senior executives and proven entrepreneurs – provides Glencoe businesses with unique industry, strategic and operational expertise.
Joshua Keeran may be reached at 937-508-2304 or on Twitter @UDCKeeran.