One Rock Capital Partners has agreed to acquire a majority stake in Kraft Heinz's North America coffee business, the home of Maxwell House and Gevalia, in a carve-out that values the unit at $650m. The transaction covers seven brands: Maxwell House, Gevalia, Nabob, Yuban, Tassimo, Ethical Bean, and Sanka. One Rock will also take on coffee manufacturing plants in Jacksonville, Florida, and Vancouver, British Columbia, along with about 250 employees across supply chain, sales, marketing, finance, and research and development.
One Rock describes itself as a value-oriented, operationally focused investor with deep experience in food and beverage, and it has completed a series of carve-outs from large corporations. It plans to step up spending on the coffee brands. "We intend to accelerate investment across the brand portfolio to drive growth and innovation, enhance the consumer experience, and strengthen relationships with retail partners," said Tony W. Lee, managing partner of One Rock.
Source: PE Insights · Summarized by HeadlinesBriefing