Grey Mountain Partners sells Kronos Foods to e2p

US-based private equity firm Grey Mountain Partners has sold its portfolio company Kronos Foods to Entrepreneurial Equity Partners (e2p).

Established in 1975, Kronos operates in the speciality protein industry. It forayed into the sector with its first standardised gyro cone.

It has expanded its portfolio with value-added speciality protein, bakery and sauce products.

Kronos uses Using its KronoBROIL technology to manufacture its goods. It offers pre-cooked, ready-to-eat gyro slices to food service providers, including restaurants and schools.

In September 2016, e2p partnered with Kronos to further develop and expand its offering portfolio.

Based in Chicago, the private equity firm e2p focuses its investments in the food and consumer packaged goods industries.

Harris Williams & Co served as the exclusive financial advisor to Kronos and Grey Mountain for this deal.

Harris Williams managing director Tim Alexander said: “Kronos’ differentiated offering of world cuisine, premier innovation and customer-centric culture has driven significant growth over the past several years.

“Ensuring investors fully appreciated Kronos’ story and capabilities required an advisor with extensive expertise in food. We are excited to find a partner for our client in e2p that we believe will build upon Kronos’ recent momentum.”

Harris Williams managing director Brant Cash said: “Investors are attracted to the food and beverage sector for its stability and are particularly looking for businesses with a proven history driving growth through innovation.

“Companies like Kronos, with a leading position in Mediterranean foods and the flexibility to expand into new, value-added protein and bakery products, are positioned to thrive in the evolving food industry.”