A local producer of flavors and extracts is combining with an out-of-state custom flavor house through an investment from a private equity firm.
The investment from Riverside — a global private equity firm focused on the smaller end of the middle market that invested in NF in March — brings together GSB’s diverse portfolio of liquid and powdered flavors, masking agents and flavor enhancers with NF’s “robust” flavor library and customer service.
The size of the investment was not disclosed.
Following the close of the investment, GSB’s team will join NF under the direction of NF CEO Brian Briggs.
“Working together, NF and GSB will build on their strengths with a shared vision to deliver an exceptional experience and superior flavor solutions to all our customers,” Briggs said. “The strong foundation built by GSB aligns very well with NF’s promise to ‘deliver joy through flavor.’”
Riverside Managing Partner Loren Schlachet said combining NF and GSB will broaden both companies’ product portfolios, providing customers with access to additional flavor development capabilities.
“During our hold period, we want to become small and midsized food and beverage companies’ No. 1 choice for flavor development and production,” Schlachet said.
GSB represents the first add-on to the growing Riverside platform with input from its Flavor & Specialty Ingredient Advisory Board. The advisory board of flavor industry experts provides value-added advice and guidance, supporting Riverside’s inorganic growth strategy.
“We’re excited about the opportunity to partner with National Flavors and offer customers a comprehensive suite of flavor resources to support their new product development efforts,” GSB President Corinne Baskin said.
Founded in 1941, National Flavors offers “creative flavor development” services and a portfolio of liquid flavors for a variety of applications, including beverages, frozen desserts, baked goods, confections and processed fruits.
GSB & Associates
Since 1984, Atlanta-based GSB & Associates has created liquid and powdered flavors for several sectors, including alcoholic and nonalcoholic beverages, baking, confectionery and nutraceuticals.
The Riverside Company
Established in 1988, The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Riverside has made more than 650 investments and currently has more than 90 portfolio companies.