CHICAGO, IL, April 7, 2020 – Entrepreneurial Equity Partners (“e2p”), a Chicago-based private equity firm focused on the food and consumer packaged goods industries, announced today that Kronos Foods (“Kronos”), one of e2p’s portfolio companies, has reached an agreement to merge with Grecian Delight Foods, Inc (“Grecian Delight”), a Parthenis family business. Financial terms of the transaction were not disclosed.
Grecian Delight is a leading manufacturer and marketer of Greek and Mediterranean inspired cuisine. The company’s products include authentic gyros and specialty meats, pitas and flatbreads, tzatziki, hummus and specialty dips/spreads, falafel, and plant-based proteins to foodservice and retail industries across the U.S. Grecian Delight is headquartered in Elk Grove Village, Illinois.
e2p Managing Partner Mark Burgett commented, “This merger will allow Grecian Delight and Kronos to accelerate growth into global cuisine and protein-based foods – both significant trends within the food sector. We are excited to leverage our extensive network and experience in the food sector to support growth and introduce new product offerings.”
Grecian Delight was founded by Peter Parthenis, Sr. in 1974. The Parthenis family will maintain a significant stake in the business and Peter Parthenis, Jr. will serve as President and Chief Executive Officer of the combined company. Peter Parthenis, Jr. added, “This is a partnership that has been thirty years in the making. Now, two great organizations are coming together with a unified goal of putting our customers in a better position to succeed by delivering even more value-added products and services.”
Grecian Delight marks the seventh transaction for e2p. Other investments include Sara Lee Frozen Bakery, Superior Cake Products and Cyrus O’Leary’s Pies (two acquisitions by Sara Lee Frozen Bakery), Daniele International, Creminelli Fine Meats (an acquisition by Daniele International) and Kronos Foods. Entrepreneurial Equity Partners was formed by experienced private equity professionals in the food and consumer sector and operating professionals with senior executive experience at some of the largest food and consumer packaged goods companies in North America, including ConAgra, Kraft, PepsiCo, Sara Lee, Tyson Foods, and US Foods.
Vedder Price P.C. acted as legal advisor to Grecian Delight and White & Case LLP acted as legal advisor to Kronos.