Recapitalization of Cousins Foods Ltd.
For Immediate Release
Chicago, Illinois-based Arbor Private Investment Company, L.P. announced today that it has completed the recapitalization of Addison, Illinois-based Cousins Foods Ltd. Cousins Foods is one of the largest manufacturers of high quality, private label pizza and appetizers in the United States, seasonally employing over 500 people. Effective October 26, the Company has been renamed Great Kitchens, Inc. and Dennis Malchow, Arbor Operating Partner and 30-year veteran of the foodservice industry, has been named President. Mr. Malchow was most recently CEO of Martin-Brower, a $3 billion foodservice business. John Holland, Chief Operating Officer and Dan Schoen, Executive Vice President will remain with the Company. Terms of the sale were withheld.
Cousins Foods’ products are prepared fresh and then frozen at its highly modernized and efficient manufacturing facility. The Company is one of the nation’s top five private label producers of frozen pizzas. Cousins’ pizza and appetizers are sold to major grocery chains, club stores and foodservice distributors nationwide.
The Company offers its pizzas in a wide range of varieties and sizes, including mini, individual, French bread, Chicago-style deep dish, 12” traditional and family size (14”, 16” and 18”) “take-and-bake”. In addition to classic cheese, pepperoni and sausage varieties, Cousins’ also produces exciting upscale flavors such as Hawaiian-style, four cheese and pepperoni, chicken italiano and carne asada. Appetizer products include traditional favorites such as potato skins, mini quesadillas, meatballs, mini bagels and stuffed jalapeno peppers as well as convenient “grab-and-go” appetizers and assorted sandwiches.
The pizza industry generates sales of over $32 billion annually, with approximately three billion pizzas sold in the U.S. each year. Annual retail sales of frozen pizza topped $2.8 billion in 2003. Private label frozen pizza outpaced the overall category with double-digit dollar sales and unit growth (15% and 17% respectively). The U.S. market for all frozen foods grew 32% between 1998 and 2003 to over $26 billion, driven by consumer demand for convenient food that is easy to store and prepare.
“We are elated to recapitalize the business in partnership with Arbor,” said Wayne Williams, former majority owner and President of Cousins. “Arbor provides the financial resources and strategic expertise to facilitate the Company’s expansion plans and sales initiatives in both the pizza and appetizer segments”.
Chicago, Illinois-based Arbor Private Investment Company is one of the only private equity firms in North America that concentrates exclusively on the food, beverage and related industries.
For more information, please contact Gregory Purcell (312-981-3780) or Joseph Campolo (312-981-3781).