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Adding to its portfolio of Chicago-area food manufacturers, a private equity firm announced Tuesday that it has purchased Elk Grove Village-based Miracapo Pizza Co. from the billionaire Crown family.
The acquisition gives Brynwood Partners its fourth Chicago-area company producing a range of grocery products, with an emphasis on pizza, and brings its total number of Chicago-area jobs to 1,500. Brynwood deals in “corporate carveouts,” slicing off respected brands from conglomerates whose priorities are elsewhere. Terms of the deal were not disclosed, and the sale closed last month.
Miracapo is a contract producer of pizzas sold under different brand names. It has 385 employees with two factories in Elk Grove Village and one in Gurnee. Brynwood’s chairman and CEO Henk Hartong said Miracapo has annual sales of about $250 million.
Brynwood already owns Great Kitchens Food Co., a private-label pizza producer in Romeoville and Chicago Heights whose products include Uno varieties sold in stores. Hartong said the companies will continue to operate independently.
Hartong said Miracapo has grown substantially since its start in 1984. “This was a unique asset. This is the only food investment within the Crown family holdings,” he said.
Miracapo was owned by an affiliate of Henry Crown & Co., which has diverse manufacturing and real estate interests.
The Crown family was “professional” and a “first-class organization” in the sales negotiations, Hartong said. There was no immediate comment from a Crown representative.
The Miracapo name derives from Italian words for “focused” and “leader.”
Hartong said Brynwood will work with Miracapo’s current employees and management to increase sales and try new varieties. He said the approach has paid off with other holdings his firm has acquired.
“It’s a tough market” in the food industry, Hartong said. “Inflation has been getting worse, not better. We’re constantly dealing with rising costs.”
Despite the challenges, “we’re in a pretty good position” with popular products, Hartong said. He said the six food and beverage firms Brynwood owns account for $3 billion in annual sales.
“All of our businesses are growing, some of it from increased prices and some from volume growth,” he said.
Its other investments in the Chicago region are Hometown Food Co., whose pancake and baking mixes include Hungry Jack, Martha White and Pillsbury offerings, and West Madison Foods, maker of Marie’s salad dressings and Dean’s dips. Both have offices at 500 W. Madison St., while the dips and salad dressings are made in Thornton.
Brynwood is headquartered in Greenwich, Connecticut, and reports that it manages more than $1 billion for clients that include pension funds, foundations and family offices.