Century Park Capital Partners is pleased to announce the strategic acquisition of the Norsun Food Group by its portfolio company Dickinson Frozen Foods, Inc. (www.dickinsonfrozenfoods.com). The transaction combines a leading provider of fresh and individually quick frozen onions, peppers and other vegetables, Dickinson, with the market leading provider of roasted potatoes, Norsun. Both companies are based in Idaho and sell to large industrial food processors and manufacturers and food service companies.
“Norsun is an ideal complement for Dickinson,” noted Paul Wolf, one of the Managing Partners of Century Park Capital Partners. “Like Dickinson, Norsun has a dominant position in a small market niche, high satisfaction ratings from its blue chip customer base, an experienced management team, and a strong operational base. This transaction will allow the combined company to bring more quality products and services to its existing customer base, thereby strengthening the overall customer-supplier relationship.”
The combination of the two companies is expected to be seamless for the companies’ customers. Both businesses will continue operations in their existing facilities with existing staff, supported by a coordinated sales effort. Linda Pennington, Norsun’s President and an experienced food industry executive, will join Dickinson Frozen Foods as its new Chief Executive Officer.
“By joining a quality organization like Dickinson that is committed to the food industry, we will benefit from a broadened product offering and the ability to invest in enhanced customer service and support,” said CEO Linda Pennington. “That, coupled with a company culture that fits with our own, will position us to carry out our core mission – to strive to always serve our customers better.”
Century Park Capital Partners partnered with management and another investor group in December of 2002 to acquire Dickinson from its founder. In addition to the acquisition of Norsun, Century Park Capital Partners has assisted Dickinson’s management in achieving substantial growth in revenues and completing a major plant expansion.
Century Park Capital Partners (www.centuryparkcapital.com) is a Los Angeles-based private equity firm that partners with owner/managers to build successful companies. The firm specializes in facilitating owner liquidity and business expansion by providing $10 million to $50 million equity investments for minority and majority recapitalizations, growth financings, management-led buyouts and acquisition financings.
