CHICAGO, IL – August 21, 2024  |  Tilia Holdings, LLC (“Tilia”), a Chicago-based private equity firm specializing in manufacturing and services businesses in the food chain, announced today that it has sold its portfolio company Ellison Bakery, LLC (“Ellison” or the “Company”) to QualiTech, LLC (“QualiTech”), a portfolio company of MidOcean Partners (“MidOcean”) on August 20, 2024. Financial terms of the transaction were not disclosed. 

Acquired by Tilia in August 2020, Ellison is a leading developer and manufacturer of customized baked ingredient solutions that provide the defining characteristics in a wide variety of customers’ finished applications. The Company’s bits, crunches, fines, squares, and components are used in products across the active nutrition, frozen novelty, snacking, yogurt / dairy, and beverage end markets. Ellison’s custom formulations are designed to perform in their specific end applications while maintaining great taste, structure, texture, and mouthfeel. With its robust R&D and innovation capabilities, Ellison is able to respond to changing consumer preferences and market trends, offering a wide range of product formats.

Eric Larson, Tilia Co-CEO and Chairman of the Board said, “From the onset of working with Stephanie Chattillion and the Ellison team, our strategy was to transform the business into a market leader in customized baked ingredient solutions, while retaining the culture and quality that have made Ellison so successful through its rich 80-year history. In our partnership with the Company, we worked collaboratively with Stephanie and the leadership team to enhance the Company’s product offering and market position, while simultaneously making significant investments in manufacturing capacity. We know that Ellison is well-poised for continued growth and believe it is a great addition to QualiTech.”

“We are proud of what we have accomplished in our partnership with Tilia over the past four years, they are an amazing partner,” commented Stephanie Chattillion, CEO of Ellison. “With Tilia’s support, we executed our growth strategy – adding a new line to our facility and enhancing our focus on innovation so that we can continue to meet the changing needs of our customers and expand on our better-for-you capabilities. We have cultivated a reputation as a manufacturer relentlessly devoted to quality, consistency and service, and we are excited to build upon this success in our new partnership with QualiTech.”

JD Elder, Tilia Managing Director and Board Member of Ellison, added, “The excellent leadership of Stephanie, Annette Apel, CFO, and the rest of the Elison team combined with strong strategic alignment with the Board allowed us to accomplish an aggressive five-year growth plan in four years. During our ownership period, the company has significantly expanded its offering of better-for-you solutions, penetrated new end markets, expanded capacity, and introduced additional automation. We are thrilled with this successful outcome for our investors and the Company. We believe MidOcean and QualiTech will be excellent partners for Ellison, and we look forward to watching their continued success.”

The sale transaction was led by Co-CEOs Eric Larson and Johannes Burlin, Managing Director JD Elder, Vice President Marisa Vavruska, and Senior Associate Henry Stack. Houlihan Lokey Capital, Inc. and Rothschild & Company served as financial advisors and Mayer Brown LLP served as legal advisor in connection with the sale.

ABOUT ELLISON

Founded in 1945 and headquartered in Fort Wayne, Indiana, Ellison is a leading developer and manufacturer of customized baked ingredient solutions serving the retail, industrial, and foodservice channels. Ellison manufactures baked inclusions, crunches, bits, cookie components, and bars that are used in a variety of applications including active nutrition, frozen novelty, ice cream, yogurt, and beverage, amongst others. https://www.ebakery.com/

ABOUT TILIA HOLDINGS

Tilia is a Chicago-based private investment firm specializing in control investments in manufacturing and services businesses in the food chain. The firm’s sector focus strategy is a successful approach to investments that spans three decades. Tilia’s deep understanding of operations, its subject matter expertise in the food chain, and its disciplined approach to value creation uniquely position the firm to scale business services companies in the lower middle market. Through a value creation and governance model emphasizing stewardship, Tilia builds distinctive growth companies that enhance safety, nutrition and sustainability in the food supply chain. For more information, please visit www.tiliallc.com.