An affiliate of New Water Capital L.P., a Boca Raton, Florida-headquartered private equity firm focused on lower-middle market targets with revenues of $30 million to $300 million, has made a growth capital investment in The Perfect Bite Co. The Glendale, California-based operation specializes in the production of frozen appetizers as well as product research and development.
Founded in 2006, The Perfect Bite Co. develops innovative recipes and products for a number of prominent national grocery and club brands, as well as for airlines and other hospitality companies. President and CEO Teri Valentine built the enterprise spurred by the philosophy that food should be handmade from scratch using high-quality ingredients.
Products created by the company are offered at over 20,000 retail locations in the United States. The portfolio runs the gamut from Porcini Mushroom Risotto Bites and Caramelized Onion + Feta Pastry Kisses to Mini Turkey Burgers with Sambal Sauce, Crunchy Taco Cups, and Coconut Shrimp Spring Rolls.
The Perfect Bite Co. is New Water’s second investment in the frozen food manufacturing and ideation space, and mark the sinking of its third stake in the value-added specialty food category within the past 18 months. New Water and its affiliates invested in Pegasus Foods, a contract manufacturer of frozen appetizers and snacks, in March of 2018, and acquired Custom Made Meals, a producer of oven ready, value-added entrees and appetizers, in April of 2017.
“The Perfect Bite stands out in an industry that is experiencing significant tailwinds, driven by customer demand for innovative product and greater supply chain flexibility that coincides with a consumer shift towards private label brands,” said New Water Capital partner Jason Neimark. “We look forward to partnering with the company as it continues to scale and expands its capabilities to meet growing demand in this high growth category.”
“Our partnership with New Water will provide capital and extensive operational experience in frozen foods R&D and manufacturing as we continue our growth trajectory,” said Valentine.