New York, NY and Rome, GA – November 30, 2023 – EagleTree Capital (“EagleTree”) announced today that it has acquired Summit Hill Foods, owner of iconic brands Better Than Bouillon® and The Original Louisiana Hot Sauce, on behalf of investment funds it manages. The Summit Hill Foods’ operations and management teams will remain in place following EagleTree’s investment. Several of EagleTree’s fund investors co‐invested alongside EagleTree, including Misland Capital Limited. Terms of the transaction were not disclosed.
Headquartered in Rome, Georgia and founded in 1941, Summit Hill Foods began as a family-owned bakery and has grown into a leading branded food company with nationally recognized, premium brands Better Than Bouillon®, The Original Louisiana Hot Sauce and Better Than Gravy®. Summit Hill Foods continues to bring innovation to market with the recent addition of the Better Than Bouillon Culinary Collection®, a selection of premium bases of new flavors, as well as five new flavor additions to The Original Louisiana Hot Sauce portfolio. Additionally, Summit Hill Foods offers an array of well‐known, high‐quality bases and sauces to support its restaurant, foodservice and industrial partners.
“Today, we embark on an exciting new chapter in the history of Summit Hill Foods and are absolutely delighted to join forces with EagleTree, whose vision and resources align seamlessly with our aspirations,” said Steve Goodyear, Chief Executive Officer of Summit Hill Foods. “We see incredible opportunity for our brands Better Than Bouillon® and The Original Louisiana Hot Sauce in addition to our custom bases and sauces business. EagleTree’s partnership will empower us to accelerate our growth and innovation, expand our market reach and continue providing high quality products to our customers.”
“We are thrilled to welcome Summit Hill Foods to EagleTree’s portfolio. Summit Hill Foods is an exceptional company with a strong track record of innovation and excellence, and we believe Better Than Bouillon® and The Original Louisiana Hot Sauce are two very special brands. We look forward to working closely with Steve Goodyear and the outstanding Summit Hill Foods team,” said George L. Majoros, Jr., Co‐Managing Partner at EagleTree.
Stuart Martin, Partner at EagleTree, added, “We have been fans and customers of Summit Hill Foods’ products for a long time and are equally impressed by the company’s unique culture. Summit Hill Foods’ core values are trusting and valuing their employees, community involvement, a commitment to safety, and the relentless pursuit of excellence – values we believe are key to the company’s strong performance. We are proud to be stewards of Summit Hill Foods’ special ethos and are very excited to be a part of the company’s next phase of growth.”
“G&L Holdings is excited for the future growth of Summit Hill Foods and its brands under the ownership of EagleTree Capital,” expressed Linda Owens, Chairwoman of G&L Holdings, the company’s parent and seller to EagleTree. “The Grizzard and Labbe shareholders want to thank our employees for their many years of service and are confident their future is bright.”
BofA Securities acted as exclusive financial advisor, Eversheds Sutherland acted as legal advisor and Deloitte acted as financial and tax advisor to Summit Hill Foods. BDT & MSD Partners acted as special advisor to G&L Holdings’ Board of Directors and shareholders. Jones Day acted as legal advisor and Alvarez & Marsal acted as due diligence advisor to EagleTree.
About Summit Hill Foods
Summit Hill Foods is a leading branded food company with nationally recognized brands: Better Than Bouillon®, The Original Louisiana Brand Hot Sauce and Better Than Gravy®. In addition to the retail brand portfolio, Summit Hill Foods serves as a flavor first solution provider and trusted ingredient supplier to foodservice distributors, manufacturers, and restaurants. To learn more, visit www.SHFoods.com.
About EagleTree Capital
EagleTree Capital is a leading New York‐based middle‐market private equity firm, with over $5.6 billion of assets under management, that has completed over 40 private equity investments and over 95 add‐on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: media and business services, consumer, and water and specialty industrial. For more information, visit www.eagletree.com.
