ROSEMONT, Ill., March 31 — Wynnchurch Capital, L.P. (“Wynnchurch”), a leading middle-market private equity firm, today announced that Archer Foodservice Partners (“Archer”), a leading provider of foodservice consumables and parent entity of companies Handgards, Inno-Pak, and Fineline Settings, has signed a definitive agreement to acquire the foodservice business of SternoCandleLamp Holdings, Inc. (“Sterno” or the “Company”) from Compass Diversified (NYSE: CODI). The transaction represents a carve out of Sterno’s foodservice business and will further broaden Archer’s portfolio of leading foodservice products.
Headquartered in Texarkana, TX, Sterno is a leading provider of portable food-warming and tabletop solutions, known for its chafing fuel products used across catering, hospitality, and foodservice applications. The Company employs over 240 employees across two primary converting sites located in Texarkana, TX and Memphis, TN.
Joe Kubicek, CEO of Archer, said, “We are excited to add Sterno to our existing stable of market leading companies including Handgards, Inno-Pak and Fineline Settings. As with our other brands, Sterno has established itself as an iconic brand and market leading provider of critical foodservice consumables and we are excited to continue building upon Sterno’s heritage under Archer’s ownership.”
The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals, and is expected to close in the coming months.
Foley & Lardner LLP provided legal advice to Archer and Wynnchurch in connection with the transaction.
