Equity firm SFEP sells Red Monkey Foods to Norwest Equity Partners

US-based private equity firm San Francisco Equity Partners (SFEP) has divested organic seasoning manufacturer Red Monkey Foods to Norwest Equity Partners.

Financial details of the deal have not been disclosed.

SFEP partner David Mannix said: “We have thoroughly enjoyed working with the talented team at Red Monkey as they have built an outstanding business.

“Over the course of our partnership, the company more than tripled revenue and EBITDA, completed a synergistic acquisition and significantly expanded its supply chain and manufacturing capabilities.

“Red Monkey is well-positioned for continued growth and we wish the management team and Norwest Equity success in their new partnership.”

Based in Springfield, Missouri, Red Monkey is engaged in the production of organic spices and seasonings, gourmet salts and bath salts.

The company supplies its products to the grocery, mass, speciality and e-commerce channels. It operates multiple facilities in Springfield and manages a global supply chain.

Red Monkey CEO Scott Bolonda said: “SFEP has been a great partner to the Red Monkey management team over the last four years.

“Their experience building scalable businesses in the consumer space proved invaluable as we successfully executed on our strategy of becoming the premier supplier of premium organic flavour solutions.

“Our team greatly valued SFEP’s operational approach to partnership. We look forward to capitalising on the tremendous momentum in the business with our new partners at Norwest Equity.”

For this deal, Stifel served as exclusive financial advisor to Red Monkey, while Cooley acted as legal counsel to the company.

In January 2017, SFEP acquired a major stake in Red Monkey Foods, an organic spices and seasonings company.