September 7, 2016 (Dallas, Texas) – Renovo Capital and its Renwood Opportunities Fund I announce the sale of its interests in Newton, North Carolina based, Renwood Mills, LLC to The Mennel Milling Company and Plaza Belmont.
- Special situations investor seeking businesses with varying degrees of financial and operational complexities
- Currently investing out of Fund II with $132M of institutional investor commitments
- Industry agnostic with focuses on energy services, food and technology-enabled business services
- Seeking equity investments of $5-30M in lower middle market companies with revenues of $20-200M
- Eight investment professionals with growing operating partner network
The sale of Renwood Mills builds on an already active 2016 with the recent sale of Formation Brands and three new platform acquisitions in the energy, technology and food sectors.
The 80-year-old flour milling and mix company was initially acquired in 2013 and has thrived under Renovo’s ownership which included investments in growth initiatives, the stabilization of a supplier base, strategic leadership and the engagement of key executives.
“In 2013, we were fortunate to purchase a Company with great brands (Southern Biscuit, Tenda Bake), better people, undervalued production capabilities and a loyal customer base. It’s been rewarding to work with the team as we stewarded the Company back to promising times and look forward to hearing about the next level of growth that The Mennel Milling Company and Plaza Belmont are able to achieve,” Mike Manos said.
Generalist by strategy, Renovo has acquired numerous businesses within the broader food supply chain, including agricultural related assets through food retail. Renovo’s most recent acquisition, All Holdings LLC, a manufacturer and marketer of fresh and processed pork and turkey products into the retail and foodservice channels, carries forth the thesis of acquiring niche players in stable and growing markets.
About Renwood Mills
Based in Newton, NC, Renwood Mills is a regional flour miller and has been operating since 1935. The company sells flour and other baking products in the Southeastern United States for use in food service, food production and in retail channels under the Southern Biscuit® and Tenda-Bake® brands.
Renovo Capital, LLC (renovocapital.com) is a private equity fund, investing out of Renovo Capital Fund II, LP, a $132 million committed capital fund. Renovo is focused on partnering with business owners, entrepreneurs and management teams to invest in businesses undergoing varying degrees of operation, financial or market-driven change. Renovo’s principals and extensive network of operating professionals have decades of experience delivering unique capital solutions and operational and strategic leadership to help solve complex situations and drive long term business value creation. Renovo Capital has offices in Dallas and Denver.
Office – 214.699.4967