Global Family-Owned Food Company Announces Three Acquisitions as Part of Long-Term Growth Strategy
Global, family-owned food company Rich Products today announced the expansion of its product portfolio with three acquisitions: Rizzuto Foods, a Pacific northwest-based leader in pizza dough innovation; Morey’s Seafood International, a major seafood industry player based in Plymouth, MN; and two manufacturing plants from TreeHouse Foods, a leading manufacturer and distributor of private label breads, rolls and cakes. These strategic additions position Rich Products for continued growth, innovation and long-term success.
“As we enter our 75th year, we remain as committed as ever to driving value for our customers,” said Ray Burke, president and chief operating officer, Rich Products’ U.S. Canada Region. “Expanding our product portfolio, adding greater capacity and fueling innovation are key pieces of our strategic acquisition efforts. These moves strengthen our position as a total solutions provider in today’s rapidly evolving marketplace.”
Bakery and Dessert Expansion
Furthering Rich’s reach and offerings in both the bakery and dessert categories are two manufacturing plants the company will acquire from TreeHouse Foods. Located in Lodi, CA, and Fridley, MN, these facilities specialize in baked artisan breads and rolls, as well as fully finished cakes for in-store retail bakeries and foodservice.
These two manufacturing plants allow Rich’s to provide its customers with greater in-demand product options and adds industry reputable brands like Cottage Bakery to its product portfolio. Enhancing Rich’s dessert and bakery business units, the acquisitions also align with Rich’s long-term plans for growth.
More than 400 associates across the two plants join Rich’s as part of this acquisition. The transaction is expected to close in April.
Enhanced Pizza Capabilities
Rich’s amplifies its more than 40-year legacy in the pizza business with the acquisition of Rizzuto Foods. Based in Spokane, WA, Rizzuto is best known for high-quality pizza and flatbread products, along with gluten-free and cauliflower crusts. The strategic addition of Rizzuto Foods positions Rich’s for continued growth, greater capacity, increased innovation and long-term success in the category.
Like Rich’s, Rizzuto has been family-owned for more than 60 years. What started in 1957 as Joe’s Drive In Pizza has grown into a large multi-faceted business. Since becoming Rizzuto’s in 1991, the company has produced more than 1 billion pizza crusts.
Greater Seafood Growth
Rich’s is expanding its current seafood footprint with the acquisition of Morey’s Seafood International, a leading seafood industry player based in Plymouth, MN, that also has family-owned roots. Founded in 1937 by Ed Morey, Morey’s has become a Minnesota icon and a legacy brand in the seafood category. With a state-of-the-art processing center in Motley and a distribution facility in Plymouth, MN, Morey’s offers a full line of high quality, authentic fish and seafood products.
Already a venerable leader in value-added seafood, Rich’s SeaPak brand is America’s top selling retail brand in the frozen specialty seafood category. The company’s investment in Morey’s will grow Rich’s seafood business, allowing Rich’s to expand its impact and deliver even more options for customers.
Financial terms of each transaction were not disclosed.