Thrive Freeze Dry (“Thrive”), a manufacturer of freeze-dried products, today announced that it has entered into a definitive agreement to acquire Paradiesfrucht GmbH (“Paradise” or the “Company”), a global freeze dryer of fruits, fruit preparations, yogurts, drops, powders, and granulates. 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 2024, subject to customary closing conditions, including certain governmental approvals. Financial terms were not disclosed.

Paradise is part of the Jahncke group, founded in 1883 by the Jahncke Family, a fifth-generation family-owned business and a global industry leader, supplying its products to the beverage, cereal, snack, bakery, and confectionery markets. Paradise operates 20 freeze dryers out of two facilities located in Salzwedel and Immekath, Germany.

Thrive is a global leader in the manufacturing of freeze-dried products, including fruits, vegetables, herbs, proteins, candies, pet treats, probiotics, enzymes, and prepared meals. The company currently has facilities in the United States (California, Utah, New York, Wisconsin, and Texas), Canada, Germany, and Peru. Thrive prides itself on its ability to serve as a technical expert and flexible manufacturing partner for its customers.

“With the acquisition of Paradise, a well-respected player in the market, Thrive will further enhance its manufacturing capabilities and presence in Europe,” said Steve Palmer, Chief Executive Officer of Thrive. “This transaction builds on Thrive’s acquisition of German-based Freeze-Dry Foods, which occurred in August 2023. Paradise will bring an extensive suite of customized freeze-dried offerings to our already robust product portfolio. The acquisition will also provide an opportunity to expand Thrive’s freeze-dried pet product offerings to the European market through an expanded footprint in Germany and truly position Thrive as a leader in the fast-growing market for freeze-dried pet food and treats.”

Bernd Wiesner, Paradiesfrucht GmbH CEO, added: “We are excited to be joining the Thrive Freeze Dry’s portfolio of outstanding companies. Our expertise as a global freeze dryer will complement Thrive’s offerings and will allow us to offer more to our dedicated customers. We are excited about the numerous potential synergies and opportunities for growth that lie ahead for the company.”

Mayer Brown LLP and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel, and FTI Consulting as transaction advisor for e2p and Mubadala Capital.

Büsing, Müffelmann & Theye acted as legal counsel, and Oaklins Germany AG as transaction advisor for Paradise.