A local snack food manufacturer was acquired by the private equity firm Kilroy Partners.
Terms of the deal were not disclosed.
Former Cheeze Kurls co-owners President Timothy Dedinas and Vice President Robert Franzak will each retain a minority ownership stake and will remain in advisory roles with the company.
Franzak said Kilroy Partners is the right buyer for Cheeze Kurls, the company’s future and its employees. Other potential buyers in the past have proposed closing the plant and moving operations out of state. Kilroy was different, Franzak said.
“When we met with them, they provided a vision for us with what they wanted to do with the company and how they wanted to expand,” Franzak said. “The key thing for us was Kilroy keeping the employees we had on hand at the time.
“That was No. 1 with us — keeping the business in Grand Rapids and keeping the employees. The employees will reap the rewards of the growth that Kilroy will set forth here. Because of their mission, we decided to go with them, and we feel confident with what they are going to do.”
Dedinas’ and Franzak’s fathers founded Cheeze Kurls in 1964. The sons grew up with the company and purchased it in 1999. Since then, they’ve taken it through multiple expansions. Franzak said another expansion is needed now — one of the factors that prompted them to sell.
NuVescor Group represented Cheeze Kurls in the transaction.
“To to be able to assist a company that has such a long history in Michigan was an honor,” said Randy Rua, managing partner at NuVescor. “We were able to find a buyer that will continue the growth trend in West Michigan, which was very important to Tim and Bob.”
Founded in 2014, Kilroy Partners is an operationally focused private investment firm providing equity capital to entrepreneurial, family-owned and noninstitutionally controlled companies in the lower-middle market.
Kilroy invests across a variety of industries, including food, manufacturing, industrial services and transportation and logistics.
Cheeze Kurls Inc.
Founded in 1964, Cheeze Kurls Inc. is a private label snack food manufacturer that sells its products to retail, grocery, drugstore, wholesale and discount retailers nationwide, and provides contract manufacturing to other snack food companies.
The company produces a variety of snacks including extruded, fried and baked products, as well as popcorn and party mixes.
Established in 2007, NuVescor Group is a mergers and acquisitions firm that partners with other service providers to facilitate successful and timely business transactions.
NuVescor works within many different industries with a particular focus in the manufacturing sector.