Blue Point Capital Acquires Asian Appetizer Maker Water Lilies Food
Blue Point Capital has acquired Water Lilies Food, LLC, a portfolio company of AUA Private Equity Partners, with global investment bank Harris Williams advising Water Lilies on the sale.
Water Lilies is a manufacturer of frozen Asian appetizers that are primarily sold through supermarkets, restaurants and ethnic markets.
“Water Lilies is the go-to Asian appetizer supplier for retailers, brands, and foodservice operators and has achieved impressive growth through its consistent innovation and focus on quality,” said Brant Cash, a managing director at Harris Williams. “The company experienced a tremendous amount of success during its partnership with AUA Private Equity, and we look forward to its next chapter of growth with Blue Point.”
“We continue to see a high degree of interest in value-added manufacturing platforms from both strategic buyers and financial sponsors,” said Brant Wilczek, a director at Harris Williams. “Water Lilies’ unique ability to develop premium, innovative products combined with its scale and manufacturing flexibility provides the company with tremendous runway for future growth in a category experiencing significant momentum driven by consumer demand.”
Based in Bay Shore, N.Y., Water Lilies is a manufacturer and provider of premium, inspired Asian cuisine for major retailers, private label, consumer brands and foodservice operators. Founded in 1995 with a commitment to food safety, quality and innovation, the company has established itself as a preferred partner to its customers across a variety of authentic, inspired products, with a particular focus on frozen appetizers such as egg rolls, spring rolls, potstickers, and dumplings.
AUA Private Equity is a West Palm Beach, Fla.-based, operationally focused, lower-middle market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses. AUA Private Equity typically makes equity investments of $20 million to $75 million in companies that generate in excess of $5 million in EBITDA.
Blue Point is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland; Charlotte, N.C.; Seattle; and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors while providing the perspectives and resources of a global organization. Blue Point has over a two-decade history of partnering with lower-middle market businesses to build processes and capabilities to achieve dramatic growth. The firm focuses on opportunities where it can leverage its collective experience, extensive network of operating resources, and focused add-on acquisition efforts as well as its unique toolkit, which includes supply chain/Asian capabilities, improved digital marketing or data strategies, and talent acquisition and diversification efforts. Blue Point typically invests in businesses that generate between $30 million and $300 million in revenue.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc.
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Blue Apron Adds Snacks, Light Meal Options
Blue Apron has expanded on convenient meal options beyond dinner that will be featured on its Add-ons menu, available to order now. Created to take the stress out of weekday planning in preparation for one of the busiest seasons of the year, the new Add-ons feature kid- and adult-approved recipes, perfect for an after-school snack, packable lunch, simple dinner or somewhere in between.
“Expanding the variety of our menu options to meet the needs of families and on-the-go customers continues to be a category we are focused on, especially as summer winds down and back-to-school season approaches,” said Josh Friedman, Blue Apron’s chief product officer. “Our customers look to Blue Apron to help solve for different meal occasions throughout the week. We continue to iterate on our offerings to create recipes that complement one another, but also fit into more non-traditional meal times.”
Designed to be ready in 30 minutes or fewer, the new Add-ons are a quick and fun take on classic recipes that can be prepared ahead of time or on the spot. They include simple dishes with an elevated twist, like a savory, pancetta grilled cheese sandwich with caramelized onion between sourdough bread. Additional options include French bread pizza, antipasto wraps and a delicious snack board.
“As we move into fall, our culinary team wanted to offer customers a series of recipes that could be utilized and enjoyed in a variety of ways throughout the day,” said John Adler, Blue Apron’s vice president of culinary. “The new Add-ons function great as stand-alone meals, but they’re also customizable by adding, for example, an à-la-carte protein to our pesto pasta, allowing customers to create a meal that works for their taste buds and dietary preferences.”
The new Add-ons are part of Blue Apron’s offerings designed with convenience and ease in mind on the days when time and planning is limited. Other offerings include Ready to Cook recipes that require no knife work or chopping, Heat & Eat microwavable meals and Fast & Easy sheet pan and one-pot recipes.
Blue Apron’s offerings are available on a rotating basis through their website and mobile app, along with non-subscription options available on Blue Apron’s Market and Walmart.com. To learn more about Blue Apron’s Add-ons, visit cook.ba/add-ons.
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GoodSAM Foods Announces Multiple Hires
GoodSAM Foods, a healthy snack food brand with a commitment to sustainability and regenerative agriculture, announced multiple new hires including Kari Janapareddi as director of sales, Sara Galeano as director of sustainability and Ryan Siwinski as director of U.S. operations.
Marcia Bell
The company also has added Marcia Bell as chief operating officer starting in March after nearly a year as a consultant.
“Taking on this role allows me to work with an incredible team, developing responsibly-sourced, sustainable supply chains in a direct-trade system that will contribute to supporting our planet,” Bell said. “Our commitment to these choices will have a deep and lasting impact in the beautiful communities that have opened not only their farms to us, but their hearts as well.”
The announcements mark the brand’s continued global growth and team expansion around the world. In addition to leadership expansion, GoodSAM announced that Louise Kibugi will serve as executive Coordinator, stationed in Nairobi, Kenya, effective immediately. Each member of the GoodSAM team contributes to the overall mission of being good for the planet and creating sustainable impact in the food industry.
“There is nothing more exciting as a founder and entrepreneur than watching your team grow as the company grows,” said GoodSAM Founder & CEO, Heather K. Terry. “My vision for this company is extensive and will take a seasoned, forward-thinking, and diverse team to accomplish it.
“Fundamentally upending the food system as we know it, investing and driving growth in regenerative agriculture will take massive alignment, action, and an unrelenting commitment to sustainability and farmers. I believe we are shaping the team at GoodSAM Foods to take that challenge head-on.”
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Kari Janapareddi
Kari Janapareddi (Director of Sales, USA): Kari joins GoodSAM with over 12 years of CPG experience, including seven years working in the chocolate category at Taza Chocolate out of Boston, Mass. She has lived in Boston, Austin and San Francisco and formed relationships with several stellar broker, distributor and retailer partners. Most recently, she was national sales manager at NuttZo where she helped expand the company’s footprint into key natural, conventional and mass market accounts. \
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Sara Galeano
Sara Galeano (Director of Sustainability, Colombia): A communicator by profession, Galeano decided to change careers to follow her passion for making the world a better place. She has more than four years of experience dedicated to building and strengthening sustainable organizations with significant social, environmental, and economic impact. She has also worked to improve the living conditions of rural communities in Colombia, with more than 30 agricultural associations in 12 regions of the country, from the private sector and an NGO. With a history of leading the funding of resources and participating in building environmental, entrepreneurship, education, art, and cultural projects with rural communities in her native country, Galeano hopes to create a greater impact by creating lasting solutions with GoodSAM.
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Ryan Siwinski
Ryan Siwinski (Director of US Operations, USA): Ryan holds a B.S. in Operations & Supply Chain Management from Drexel University in Philadelphia. After college, Ryan navigated down a path of various food and agriculture experiences to fully understand the industry from the ground up. He began by launching a small-scale meal prep startup at Drexel University followed by an abundance of agriculture experiences as a farmer, livestock consultant, and regenerative agriculture advocate. His on-farm experience at Tussock Sedge Farm, White Oak Pastures and Rodale Institute has helped him gain extensive knowledge in all aspects of regenerative agriculture systems. Ryan’s career goals are to fully engage in building and managing supply chains that contribute to producing high-quality food with a major emphasis on positive ecological outcomes.
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Marcia Bell
Marcia Bell (Chief Operations Officer): Marcia brings over 20 years of operations & logistics leadership expertise. She has far-reaching experience in operations, as evidenced by program development, streamlining operating efficiencies, and developing exceptional teams through senior leadership roles in CPG companies in the natural products industry. Before joining GoodSAM, Mrs. Bell spent several years as Director of Operations for NibMor Chocolate and, most recently, for Eco-Kids in Portland, Maine. Marcia is dedicated to supporting the CEO, her vision, and initiatives across the organization. She is honored to have the opportunity to work with a devoted team committed to igniting positive worldwide impact.
Read more about GoodSAM Foods in the October issue of Gourmet News. So you don’t miss it, subscribe today!
