Celerant Capital Acquires Krier Foods, a premier manufacturer of Ready to Drink Beverages
June 9, 2022
San Antonio, Texas – June 9, 2022 -Celerant Capital (“Celerant”), a specialized private equity sponsor that invests exclusively in food, beverage and enabling technologies, announced today the acquisition of Krier Foods (“Krier” or the “Company”), a fifth-generation family-owned beverage company.
Founded in 1908, Krier is a premier manufacturer of a wide variety of Ready to Drink (RTD) beverages packaged in aluminum cans. Krier has a long history of driving canned beverage innovation through its Jolly Good brand and providing high quality contract manufacturing services for its customers’ portfolio of established and emerging brands. Krier’s production of carbonated sodas dates to the beginnings of the package format in the 1960s. With decades of institutional knowledge and a modern facility, Krier will continue its legacy of quality, service, and enabling its customers’ growth. Krier’s dedicated team and culture of excellence will continue to be the foundation of the Company’s success.
Krier announced the appointment of John Kowalchik, formerly CEO of Baxters North America and a veteran co-manufacturing leader, as its new CEO. Former CEO, John Rassel, who will continue as an advisor to the Company, will transition out of the day-to-day leadership of the Company to pursue charitable and community opportunities in Southeast Wisconsin. The senior leadership team of Krier will continue to lead it from its headquarters in Random Lake, WI.
“For decades, Krier Foods has set the standard for quality, reliable canned RTD beverage production in the Midwest, as well as serving as a trusted partner for our contract manufacturing customers,” said incoming CEO John Kowalchik. “The Company’s state-of-the-art production facilities, differentiated capabilities, and most importantly its highly dedicated and quality focused team will enable the further transition to the sustainable aluminum can for a wide range of beverage products and premier brands. We are excited about the potential for further investment, job growth, and community involvement through our partnership with Celerant Capital.”
“We are so pleased to have found a partner in Celerant that will continue to foster our family’s legacy of excellence and service to the people of Southeast Wisconsin”, said former CEO John Rassel. “The potential for growth and development of our family’s company and its people will be greatly supported by the Celerant team and its approach to foster deep and respectful engagement of all Company stakeholders in the pursuit of sustainable growth and mutual prosperity.”
“Krier Foods’ history of excellence that continues today make it exceptional in all aspects. We are very grateful for the opportunity to partner with John Rassel to support the next phase of Krier’s growth and development. Our background in food and beverage manufacturing, deep bench of technical and operational advisors, and access to growth capital will help take Krier to the next level,” stated Celerant Partner Michael Hyche. “The Company’s facilities, history of service, exceptional team, and long-term relationships with great customers make this an exciting platform investment for Celerant in this growing product category.”
Celerant Capital is a specialized private equity sponsor led by food manufacturing industry veterans that focuses exclusively on investing in food, beverage and enabling technologies. With highly-experienced senior industry professionals, Celerant focuses on acquiring businesses with competitive advantages and significant opportunities for value creation.
Norton Rose Fulbright LLP served as Celerant’s legal counsel in connection with the transaction. Baker Tilly Capital, LLC served as Exclusive Financial Advisor and O’Neil, Cannon, Hollman, DeJong & Laing S.C. served as legal counsel to Krier.