Boise, Idaho, Jan. 16 - Treasure Valley Business Group ("Treasure Valley") announced today that it has been acquired by an affiliate of Creo Capital Partners, LLC ("Creo"). The purchase price was not disclosed.
This acquisition marks Creo's seventh investment in the food-related space and is expected to result in increased sales activity, enhanced customer support, and other synergies between Treasure Valley and Creo's other food businesses.
Nick Sternberg, Partner of Creo Capital Partners, said, "Creo has strong expertise in the food manufacturing and distribution space and Treasure Valley is a great addition to our portfolio. Treasure Valley has a very talented management team, strong customer relationships, and well known brands both in the United States and Mexico. We look forward to introducing the Treasure Valley array of products into the distribution channels that we have developed through our other food company investments. We also continue to be focused on further investments in the food and beverage space that complement our existing portfolio."
Founded in 1994, Treasure Valley specializes in the sales, marketing and distribution of food and food related products throughout the United States and Mexico. The Company provides grocery retailers with over 150 frozen and dry grocery products that are sold under the TJ Farms and TJ Select proprietary brands.
Gary Lim, the President of Treasure Valley will assume the role of Chief Executive Officer of the Company and said, "We are extremely excited to become part of the Creo network of food businesses and we see tremendous opportunities and synergies between Treasure Valley and Creo's other food portfolio companies. This acquisition by Creo will allow Treasure Valley to continue the strong growth it has achieved over the past few years."
John Turner, Creo Food Industry Operating Partner added, "Treasure Valley is a strong addition to the Creo food platform and I look forward to working with Gary and his team as we continue to expand the Treasure Valley business and integrate it into the other Creo food businesses."
Creo's legal advisors were Phil Taub and Molly Humber of Nixon Peabody LLP.
Creo Capital Partners, LLC is a Los Angeles-based private equity firm specializing in organizing, structuring and sponsoring recapitalizations, restructurings and acquisitions of mid-market companies. The Firm focuses on partnering with management to create superior returns for all stakeholders. Established in early 2005, Creo is currently investing through its second fund, Creo Capital Partners II, LP, and has built a portfolio of investments that include companies in a wide range of industries including the food, seafood, construction supply, transportation, engineering and manufacturing, and apparel sectors.