BOSTON–(BUSINESS WIRE)–New Heritage Capital (“Heritage”) is pleased to announce the successful exit of its investment in Revela Foods (“Revela” or the “Company”). The Company was acquired by ADM (NYSE: ADM), a Fortune 50 global human and pet nutrition company, to further expand its flavor ingredient solutions offering.
Created via the 2016 merger of Welcome Dairy and Gamay Food Ingredients and headquartered in New Berlin, WI, Revela develops and manufactures innovative dairy flavor ingredients and solutions. Revela has delivered rapid growth, driven by its innovative enzyme technology, which powers a broad range of clean label dairy flavor formulations for multiple applications, from snacks and frozen meals to sauces, dressings, soups, seasonings and desserts. The Company has approximately 400 employees and operates three state-of-the-art production facilities in the U.S. Midwest. Heritage worked closely with the Revela management team to execute a comprehensive strategic and operational growth plan that resulted in strong growth and prepares the Company well for continued expansion.
Terry Schneider, CEO of Revela Foods, said, “Over the last few years we have expanded our management team, added new product capabilities, launched a comprehensive go-to-market strategy – including a new brand – and completed a significant acquisition, all resulting in significant growth. Heritage was by our side throughout that entire journey, helping us to transform the company while preserving our history. We are proud of what we have accomplished together.”
“This has been an incredible journey, transforming Revela from a highly regarded, founder-owned dairy ingredients business into an innovative flavor solutions business playing an integral role in innovation and development for its customers,” said Melissa Barry, Partner at Heritage. “This is what Heritage does best – partnering with strong businesses such as Revela to help them unlock their full potential.”
Houlihan Lokey and Lincoln International acted as financial advisors and Choate Hall & Stewart, LLP and Reinhart Boerner Van Deuren s.c. acted as legal advisors to Revela and Heritage.
About New Heritage Capital
Heritage is a Boston-based private equity firm with a more than twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives. For more information, please visit: www.newheritagecapital.com.