New Water Capital L.P., a Boca Raton, Florida-headquartered private equity firm, has invested in Pegasus Foods, a co-packer and private label supplier of frozen appetizers and snacks. The Los Angeles, California-based company supplies retail grocery stores as well as quick service restaurants and other foodservice outlets with a wide range of items including frozen dough, baked goods and desserts.
Day-to-day management of Pegasus’ contract manufacturing operations will continue under the leadership of Jim Zaferis and Van Ambatielos, who founded the company in 1998.
New Water Capital’s investment is financing Pegasus’ recent expansion into a second manufacturing plant, a 135,000-square-foot, state-of-the-art facility in Rockwall, Texas. This will greatly supplement output from its 55,000-square-foot factory in Los Angeles.
“Pegasus Foods’ strengths include its ability to satisfy the quality and safety specifications of the largest and most demanding CPG companies and manufacture an extremely diverse product line, while still providing the flexibility to customize packaging, labeling and product selection to meet all of its customers’ needs,” said New Water Capital partner Jason Neimark.
The Pegasus Foods investment is New Water Capital’s eighth since the company’s launch in 2015, and the second in the food manufacturing sector. The private equity firm focuses on transitional lower-middle market consumer, retail and industrial manufacturing and services sector companies with annual revenues of $30 million to $300 million.
