CHICAGO--(BUSINESS WIRE)--CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the execution of a definitive agreement for the sale of J&K Ingredients LLC (“J&K” or the “Company”), a manufacturer and supplier of food and beverage ingredients with an emphasis on natural, organic, and clean label products, to SK Capital, a private investment firm focused on the specialty materials, ingredients, and life sciences sectors. The transaction is expected to close before the end of the year.
Founded in 1899, J&K Ingredients pioneered the bakery industry’s first natural mold inhibitor and remains at the forefront of clean label ingredients innovation, custom formulation, and manufacturing across multiple food & beverage end markets. Beyond its broadly recognized natural mold inhibitor product lines, the Company’s comprehensive specialty ingredients offering spans more than 400 items across 13 categories, including bread and roll bases, dough conditioners, egg and milk replacers, flavors, emulsions and stabilizers, among other categories.
CORE invested in J&K in October 2020 with the vision of scaling the business by enhancing its legacy bakery ingredients offering and expanding its natural preservative product category into adjacent food & beverage end markets.
John May, Managing Partner of CORE said, “This success story highlights CORE's experience in identifying and investing into businesses to help them achieve their next stage of growth. Alongside Ric and the rest of the talented J&K management team, we have executed our operating playbook to create meaningful value while putting J&K on a path for continued future growth.”
TJ Chung, Senior Partner of CORE and Chairman of J&K, said, “We are proud to have been a part of J&K’s century-plus history in the food & beverage ingredients industry. J&K has always been an innovative company within its categories and leads with premium, high-quality products that create value for its customers. We saw an opportunity to drive J&K’s clear customer value proposition by expanding its premium product offerings, ultimately creating higher quality foods in our grocery stores and restaurants.”
Ric Alvarez, CEO of J&K, said, “It has been a pleasure to partner with the CORE and J&K teams to continue to build upon J&K’s legacy of success. We developed and executed our strategic growth plan to scale the business, which was completed during a dynamic operating environment. J&K strives to consistently deliver innovative and trusted solutions to our customers, and we have and will continue to deliver on this promise. The J&K team has worked incredibly hard and remains excited about the future opportunities for the business.”
Harris Williams served as the exclusive financial advisor, and Kirkland & Ellis acted as the legal advisor to CORE and the Company on the transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a private equity firm with over $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a demonstrated track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies. For more information, visit www.coreipfund.com.
ABOUT J&K INGREDIENTS:
Founded in 1899, J&K Ingredients is a manufacturer in the world of bakery, food & beverage, and pet food ingredients, that has carved a niche in food preservation solutions. J&K Ingredients works with a diverse range of industry segments including the baking industry, food processing and manufacturing, foodservice providers, food packaging industry, and the nutraceuticals and functional foods sector. With its deep technical expertise and customer service, J&K Ingredients helps businesses and organizations maintain quality and freshness of their food products. Headquartered and operating three facilities in Paterson, New Jersey, J&K Ingredients holds FDA, Halal, Kosher, FSSC 22000, and Organic certifications. For more information, visit www.jkingredients.com.
