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Superior Capital gobbles up Heinz North America dessert division

15 May 2012

Detroit-based special situations firm Superior Capital has bought the gourmet desserts division of Heinz North America.

The newly-renamed Dianne’s Fine Desserts is the firm’s twelfth acquisitions and fifth platform company from its inaugural 2008 fund.

Its purchase includes Dianne’s Fine Desserts, Alden Merrell Fine Desserts, Black Tie and Skooopz.

Superior managing partner Mark Carroll said, “We are extremely fortunate to be partnering with not one, but two, industry partners in this investment.

“(New CEO) Mike Knowles and (new president) Dan Scales have demonstrated track records of achieving bottom line success in many areas of the food industry and specifically in the frozen desserts category.

“The Dianne’s and Alden Merrell brands are known for extremely high quality and their products are served at some of the nation’s most highly regarded national chain restaurants.

“We are confident that with an increased focus on new product introductions and operational efficiencies, the Dianne’s platform will enjoy rapid growth in both revenue and profitability.”

Knowles said, “Dianne’s Fine Desserts operates in an appealing sector of the food industry and the business offers significant growth potential.

“Our growth strategy will be focused on providing world class operational excellence, superior customer service and innovative products for our customers.

Superior Capital focuses on combining capital, transaction experience and operational improvement to grow its portfolio businesses.

The firm attempts to acquire or recapitalise niche manufacturers, distributors and service companies with annual revenues between $10m and $150m.

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