BOSTON [BUSINESS WIRE]– January 24, 2024 – New Heritage Capital (“Heritage”) is pleased to announce the successful exit of its investment in Revela Foods (“Revela” or the “Company”). The Company was acquired by Archer Daniels Midland, the Fortune 50 human and pet nutrition company, to further expand its flavor ingredient solutions offering.
Created via the 2016 merger of Welcome Dairy and Gamay Food Ingredients and headquartered in New Berlin, WI, Revela develops and manufactures innovative dairy flavor ingredients and solutions. Revela has delivered rapid growth, driven by its innovative enzyme technology, which powers a broad range of clean label dairy flavor formulations for multiple applications, from snacks and frozen meals to sauces, dressings, soups, seasonings and desserts. The Company has approximately 400 employees and operates three state-of-the-art production facilities in the U.S. Midwest. Heritage worked closely with the Revela management team to execute a comprehensive strategic and operational growth plan that resulted in strong growth and prepares the Company well for continued expansion.
Terry Schneider, CEO of Revela Foods, said, “Over the last few years we have expanded our management team, added new product capabilities, launched a comprehensive go-to-market strategy including a new brand, and completed a significant acquisition, resulting in significant growth. Heritage was by our side on all of that journey, helping us to transform our company while preserving our history. We are proud of what we have accomplished together.”
“This has been an incredible journey, transforming Revela from a highly regarded, founder-owned dairy ingredients business into an innovative flavor solutions business playing an integral role in innovation and development for its customers,” said Melissa Barry, Partner at Heritage. “This is what Heritage does best – partnering with strong businesses like Revela to help them unlock their full potential.”
Houlihan Lokey and Lincoln International served as financial advisers and Choate Hall & Stewart, LLP and Reinhart Boerner Van Deuren s.c. served as legal advisers to Revela and Heritage.
Heritage is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.
The above quote is provided by Terry Schneider, the CEO of Revela Foods. Mr. Schneider is not an investor in any New Heritage Capital fund and was not paid for the quote included above. However, due to his position at Revela Foods, he may be inclined to have a favorable view of New Heritage Capital.
