Renovo Capital, LLC through its Renwood Opportunities Fund, acquired substantially all the assets of Midstate Mills, Inc. Renwood Opportunities Fund provided capital to reduce debt, increase working capital and fund growth as it expands existing product lines and pursues new business partners.
Midstate Mills, based in Newton, NC, is a regional flour miller and has been family owned and operated 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 leveraged its operating network to recruit an interim CEO and CFO to help support the family. In 2014, Renovo recruited a long time flour milling industry executive to continue the operational program and pursue growth opportunities.