New York and Orlando, FL, July 10, 2018 – Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a private investment firm with over $2.5 billion in assets under management, today announced that one of its affiliated private equity funds has made an investment in partnership with the owners of Spice World, Inc. (“Spice World”or the “Company”), a leading supplier of garlic and other spices under the Spice World brand. Terms were not disclosed.
Founded in 1949 and led by multiple generations of Caneza family members, Spice World offers a broad portfolio of garlic and other spice products in a variety of formats, including fresh, peeled, and minced garlic and other spices sold under the Spice World brand. The Company today distributes its products in the U.S. through a broad customer base, including grocery chains, club stores, and distributors.
Palladium will partner with the Spice World management team with the goal of expanding the Company’s market reach through a range of growth opportunities, including new product innovation, expansion into new channels, and potential acquisitions in the spices category.
Palladium’s current and past investments in the food industry include Kar’s Nuts, a snack nut and trail mix product company; Del Real Foods, a Hispanic refrigerated foods company; Teasdale Foods, a producer of bean and hominy products; Sahale Snacks, a manufacturer and marketer of premium, branded nut and fruit snacks; Wise Foods, a manufacturer and marketer of salty snacks; Castro Cheese, a manufacturer and distributor of premium, authentic Hispanic cheeses and other dairy products; and Taco Bueno Restaurants, a Tex-Mex restaurant chain.
Adam Shebitz, a Managing Director of Palladium, said, “We look forward to partnering with Gary, Drew and the entire Caneza family to continue the legacy that has made Spice World a success since its founding. This investment is consistent with our strategy of partnering with founder and family run businesses to support their growth objectives.”
Gary Caneza, CEO of Spice World, said, “We view the partnership with Palladium as a great opportunity to continue doing what we have enjoyed in our nearly 70 years of operations – serving our customers. Our family is excited to work alongside Palladium to achieve our growth plan while maintaining our core values.”
Deloitte Corporate Finance served as financial advisor to Spice World on the transaction. Moore & Van Allen served as the Company’s legal advisor. Piper Jaffray served as the financial advisor for Palladium. Kirkland & Ellis and Simpson Thacher & Bartlett served as the legal advisors for Palladium.