Fort Worth-based Parker Products announced this week it’s being acquired by The Riverside Company.
The 91-year-old Parker Products provides speciality ingredients for the baking, dairy, beverage, confectionery, RTE and snack, and foodservice industries. In 1928, it created the original “Drumstick” ice cream novelty snack.
The Riverside Company investment comes as the Fort Worth company is in the midst of growth. In December, it broke ground on a new state-of-the-art facility that is expected to triple its production capacity. The new location is planned to be completed in early 2018.
“They are incredibly nimble and respected, which is critical in the dynamic world of food ingredients.”
“It will allow us to increase our capabilities and expand our product offerings,” said Parker Products President Greg Hodder of the acquisition in a release.
The global private equity firm with offices in Dallas, adds Parker Products to its growing list of specialty food companies, including Tate’s Bake Shop, Nustef Foods, Uinta Brewing Company, and YumEarth. The financial terms of the deal were not disclosed.
Riverside Partner Meranee Phing said in a release that consumers are looking for a change and are demanding more clean and organic products.
“Parker understands what’s trending in the food industry, and has the talent and knowhow to meet anticipated needs for a demanding customer base,” said Riverside Managing Partner Suzy Kriscunas in a release. “They are incredibly nimble and respected, which is critical in the dynamic world of food ingredients.”