Stonewall Kitchen, known for its wild blueberry jam and other specialty food products, said Thursday that a Boston private equity firm has become its new majority investor.
Audax Private Equity bought its interest in the York-based company from another investor, Centre Partners of New York. Centre invested in Stonewall in 2014 and helped the food company expand its distribution channels and customers. Terms of both deals were not released.
Stonewall’s current management will remain in place, with John Stiker as CEO, Lori King as president and chief operating officer and Natalie King as executive vice president.
Stiker said Audax acquired the controlling interest in Stonewall Kitchen, but Stonewall co-founder Jonathan King and other members of the management team are co-investors.
He said Stonewall, which has almost doubled in size over the past five years by acquiring other companies, will seek more acquisitions and expand its own brand.
“We plan to grow the company rapidly both organically, by expanding the distribution of our brands into channels where they’re not yet available, and through our strategic acquisitions strategy, ideally expanding our family of brands each year for the foreseeable future,” Stiker said.
“We’ve experienced a significant amount of growth over the last five years, and by partnering with Audax, we’ll look to provide even more innovative, high-quality and delicious products for our customers and guests,” he said.
During its five years as a Centre portfolio company, Stonewall grew by acquisition, buying the Tillen Farms brand of cocktail cherries and pickled vegetables, the Napa Valley Naturals brand of culinary oils and vinegars, and the Montebello brand of imported organic Italian pasta.
It also has a partnership with Legal Sea Foods. It expanded its cooking schools to California in November 2018.
Audax managing director Jay Mitchell said the culture and business practices at Stonewall are a good match for his company, and that he expects to transform Stonewall into “a more substantial enterprise.”
The company has grown from about 350 employees five years ago to 410 now, including year-round and seasonal employees. As the company moves into its peak holiday season and increases staff at its retail stores and warehouse fulfillment center, that number will top 550, Stiker said.
The largest concentration of employees is in Maine at its York corporate headquarters and flagship store as well as two other company stores.
Stiker said Stonewall may consider hiring more people based on its future acquisitions and growth strategies.