A private equity firm is acquiring Fort Worth-based Parker Products, a provider of inclusions and other specialty ingredients for the baking, dairy, beverage, confectionery, RTE and snack, and foodservice industries.
The Riverside Company, a global private equity firm, will acquire Parker this month, according to a news release. No price for the transaction was released.
“The acquisition of Parker Products by The Riverside Company is an investment opportunity that will accelerate growth,” said Greg Hodder, president of Parker. “It will allow us to increase our capabilities and expand our product offerings. At the same time, we will still continue to offer our customers the same great service and intriguing ingredients we have always provided. For our longtime customers, the only change will be an increased capacity to meet their needs and offer them exciting new product possibilities.”
Riverside has a growing portfolio of specialty food companies, including Tate’s Bake Shop, Nustef Foods, Uinta Brewing Company, and YumEarth. The firm will use this experience with diverse food and beverage brands to drive continued success for Parker.
“Parker Products has built its reputation on exceptional customer service and the unmatched quality of its products,” said Riverside Partner Meranee Phing. “We’re excited about helping the company achieve its full potential by serving existing customers more broadly and winning new customers as it increases in scale and offerings.”
Parker’s leadership team will remain in place following the acquisition, including Hodder as president. Parker broke ground on a new state-of-the-art facility last December, and the company’s operations will move to the new location on Strawn Drive in Fort Worth, once it is complete in early 2018. The new facility will triple the company’s total production capacity, accommodating anticipated growth following the acquisition.
Parker Products was founded in Fort Worth in 1926 by I.C. Parker, creator of the “Drumstick” novelty ice cream treat. The company makes confectionary ingredients used in foods and beverages. Among the products are pralines, candy coatings, clusters, liquid flavors and candies. Customers include Starbucks and Dot Foods.
Haynes and Boone Partners Suzie Trigg and John McGowan led the team representing Parker. Other team members include Partners Sam Lichtman and Vicki Odette and Associates Kellie Bobo and Catherine Peterman.
The Fort Worth City Council on Dec. 13 approved a tax abatement agreement with Parker Products that will see the company remain in the city and keep approximately 100 jobs here.
To learn more about Parker, visit ParkerProducts.com.