FORT WORTH, TEXAS — The Riverside Co., a global private equity firm, has agreed to acquire Parker Products. Parker Products makes inclusions and other specialty ingredients for the baking, dairy, beverage, confectionery, snack and food service industries.
With the acquisition, Riverside would build on its growing portfolio of specialty food companies, including Tate’s Bake Shop, Nustef Foods, Uinta Brewing Co., and YumEarth.
“Parker Products has built its reputation on exceptional customer service and the unmatched quality of its products,” said Meranee Phing, a partner with Riverside. “We’re excited about helping the company achieve its full potential by serving existing customers more broadly and winning new customers as it increases in scale and offerings.”
Greg Hodder, president of Parker, said the acquisition represents an investment opportunity “that will accelerate growth.”
“It will allow us to increase our capabilities and expand our product offerings,” Mr. Hodder said. “At the same time, we will still continue to offer our customers the same great service and intriguing ingredients we have always provided. For our longtime customers, the only change will be an increased capacity to meet their needs and offer them exciting new product possibilities.”
Parker broke ground on a new facility in Fort Worth in December 2016. The company said it expects to move into the new location once it is complete in early 2018. The new facility will triple the company’s total production capacity, Parker said.Parker’s ingredients for the baking industry include inclusions, coatings, icings, toppings and fillings.