DALLAS--(BUSINESS WIRE)--CIC Partners (“CIC”), a Dallas-based middle-market private equity firm, is pleased to announce the successful sale of McClancy Foods and Flavors (“McClancy” or the “Company”) to NovaTaste, a global leader in taste innovation, headquartered in Austria.
In 2020, CIC partnered with newly appointed CEO, Stephen Andresen, to invest in and transform a 3rd generation founder-led business into a leading ingredients supplier. McClancy augmented its leadership team, expanded its capacity and capabilities while investing in leading culinary and innovation capabilities to serve its customers. The Company’s proven technical expertise, difficult-to-replicate, proprietary formulations, end-to-end value proposition, sticky customer base and impressive growth trajectory were very attractive for strategic acquirers.
By joining forces with NovaTaste, McClancy gains a new strong partner while continuing to operate under the McClancy brand. Their US customers will now be able to explore opportunities beyond borders, leveraging NovaTaste’s innovation capabilities, extensive international network and infrastructure. Stephen Andresen and the leadership team will remain in their current roles and will continue to retain significant ownership in the Company.
Amir Yoffe, Partner of CIC Partners, said, “McClancy is a great example of our partnership model with founder-led businesses. In under four years, despite the challenging pandemic environment, CIC worked closely with Stephen to build upon the Company’s legacy as the team executed brilliantly to reposition a 75-year family operated business into a leading transformational supplier to some of the fastest growing customers in the industry.”
“We chose to partner with the CIC team with the belief that their sector knowledge and network of relationships – in particular in the QSR channel – would be invaluable, and this proved to be true. They are a great team to work with, understand the importance of people and culture, and have been active partners supporting our tremendous growth over the past few years,” said Stephen Andresen, McClancy CEO.
”CIC’s commitment to preserving the brand legacy my father and I created, coupled with Stephen’s ability to innovate and execute with clear goals and thoughtful leadership, propelled McClancy further than we’d ever thought possible. I’m excited about this next chapter with NovaTaste and strongly believe adding global manufacturing capabilities with our strong commitment to service will continue to enhance McClancy and deepen its customer relationships,” said Reid Wilkerson.
ABOUT MCCLANCY FOODS & FLAVORS
For over 75 years, McClancy has combined a passion for culinary excellence with a culture of collaboration and integrity. McClancy’s capabilities enable them to craft dry rubs and seasonings tailored to a wide range of categories, from classic flavors to emerging trends. What sets them apart is their ‘yes-centric’ approach to all that they do. McClancy works closely with its customers, adapting to their needs. McClancy predominantly works with brands, further processors / manufacturers and operators on product matching, formulation optimization, market trends and product innovation.
ABOUT CIC PARTNERS
CIC Partners is a middle-market private equity firm that invests in growth-oriented companies primarily in owner-operator led companies across sectors with a particular focus on the food, consumer, and industrial industries. CIC manages the personal capital of its investment team, operating partners and strategic investors and seeks to partner with owner-operators, founders and management teams. CIC looks for opportunities where it can leverage its collective experience of its team, who are successful CEOs and entrepreneurs, to guide, support and add value to portfolio companies. Based in Dallas, Texas, the firm has been generating wealth in private equity investing for its investors and management teams for over 30 years. For additional information, please visit www.cicpartners.com.