BOULDER, COLO. — Grey Mountain Partners, a Boulder-based private equity firm, has acquired Kronos Foods, Inc. Financial terms were not disclosed.
Based in Glendale Heights, Ill., Kronos Foods is a manufacturer and distributor of gyro meat, pita, flatbread, filo products, hummus and sauces to food service customers in the United States and Canada. The company developed and began marketing the industry’s first pre-formed gyro cones in 1975 and has since expanded to become a diversified Mediterranean food manufacturer.
“We are delighted to partner with Grey Mountain in the next stage of our growth,” said Howard Eirinberg, chief executive officer of Kronos. “Grey Mountain shares our excitement for the Mediterranean food space. We look forward to their support as we execute on an array of growth opportunities that are driven by innovative, market-leading new products such as KronoBroil premium gyros slices.”
Grey Mountain Partners invests at the small end of the middle-market in businesses across a range of industries and manages approximately $700 million of assets.“Kronos has differentiated itself as a leading Mediterranean food manufacturer in the U.S. with a focus on quality and innovation,” said Beth Lesniak, affiliate manager at Grey Mountain. “We believe that Grey Mountain’s growth capital and operational support will allow the company to better serve both new and existing customers.”