Thrive Freeze Dry, a manufacturer of freeze-dried products, today announced that it has entered into a definitive agreement to acquire Groneweg Group, otherwise known as Freeze-Dry Foods (Germany), (“Groneweg” or the “Company”), a global manufacturer and supplier of freeze and air-dried ingredients. Thrive is a portfolio company of Entrepreneurial Equity Partners, a Chicago-based private equity firm focused on the food and consumer packaged goods industries and Mubadala Capital, the wholly owned asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi, UAE. The transaction is expected to close in 2023, subject to customary closing conditions, including certain governmental approvals. Financial terms were not disclosed.

Founded in 1978, Groneweg Group is a global manufacturer and supplier offering a broad product suite of freeze and air-dried herbs, vegetables, spices, fruits, seafood, and cheese. The Company has a diversified customer base across consumer-packaged goods and retail companies. Groneweg has a multi-national footprint with manufacturing operations in Greven, Germany, where it is headquartered, and its second facility in La Joya, Peru.

Thrive Freeze Dry is a manufacturer of freeze-dried products, including fruits, vegetables, proteins, pet treats, probiotics, enzymes, and prepared meals. Thrive currently has facilities in California, Utah, New York, and Wisconsin. Thrive prides itself in its ability to serve as a technical expert and flexible manufacturing partner for customers.

“We are excited to add Groneweg’s extensive freeze-dried offerings to Thrive’s product suite,” said Steve Palmer, Chief Executive Officer of Thrive Freeze Dry. “With the acquisition of Groneweg, we also add a very experienced and enthusiastic management team to the Thrive family and will be able to offer our customers a globally diversified network of drying locations, robust quality control, and an efficient distribution network.”

Karl-Heinz Waszik, Groneweg Group CEO, added, “We are thrilled to be joining Thrive Freeze Dry. The two companies not only complement each other greatly in terms of business possibilities, but we also share common values and visions. This partnership enables us to offer our customers a broader product portfolio across an even more significant global distribution network. We look forward to all that lies ahead.”