December 20, 2023
Tilia completes a new investment alongside existing family ownership to accelerate growth, expand geographic reach, broaden ingredient applications, and penetrate new end-markets.
CHICAGO, IL – DECEMBER 20, 2023 | Tilia Holdings (“Tilia”), a Chicago-based private investment firm focused exclusively on the food supply chain completed its majority recapitalization of Ever Fresh Fruit Company, LLC (“Ever Fresh” or the “Company”), a premier provider of custom formulated fruit and flavor ingredient solutions that improve the sensory attributes of food and beverage products. The McKnight Family, who founded and have owned Ever Fresh for over 55 years, will remain significant shareholders and continue to serve on the Board of the Company. Ever Fresh CEO Gene Mayer will continue to lead the Company going forward. The transaction closed on November 17, 2023.
Ever Fresh is a processor and developer of formulated fruit and sensory ingredients to the dairy, dairy alternatives, bakery, and beverage end-markets. The Company’s diverse portfolio of high quality, custom ingredient applications provide the flavor, texture, and color elements to food and beverage products, which have established Ever Fresh as an integral and trusted product development and innovation partner. Located in the heart of the Pacific Northwest, Ever Fresh was founded in 1968 by Harrison McKnight as a fruit processor. Under the stewardship of the second-generation since 2000, siblings Kurt McKnight and LeAnn Miller grew and expanded the Company’s focus into formulated fruit and flavor ingredients in partnership with Gene Mayer, who joined Ever Fresh in 1996 and has served as its CEO since 2016.
The McKnights commented, “Our family has dedicated the last 55 years growing Ever Fresh, and we are incredibly proud of what our team has accomplished under Gene’s leadership. We are delighted to welcome the Tilia team as our partner to grow and advance our mission of providing fruit and flavor elements to our customers through unmatched service, quality and innovation.” Mr. Mayer added, “Tilia shares our vision for growth and was the ideal partner for Ever Fresh as we look to stay at the forefront of our industry. Tilia’s expertise in food, organizational development capabilities, orientation towards sustainable growth, and most importantly, the values we both share will help enhance our capabilities in support of Ever Fresh’s continued growth and expansion. Our entire team is enthusiastic to begin the next chapter of our story with Tilia.”
Johannes Burlin, Co-CEO of Tilia and Chairman of the Board, said, “We are thrilled to be partnering with the McKnights, Gene, and the entire Ever Fresh team. For over half a century, the Company’s superb technical capabilities across a variety of ingredient applications have enabled its customers to deliver distinctive flavor elements and sensory experiences that consumers are increasingly demanding.” Eric Larson, Co-CEO of Tilia, added, “We are honored to build upon this legacy and look forward to supporting continued investment in its organization and offerings to meet the needs of its growing base of customers.”
Ever Fresh represents Tilia’s third platform investment in the ingredients sector, along with Ellison and NutriScience Innovations. Rob Celin, a Managing Director at Tilia, stated, “Our investment in Ever Fresh represents another successful outcome of our thematic sector approach to investing. The Company’s strong market reputation on the West Coast, rooted in deep care for their customers and commitment to their employees, will position Ever Fresh to thrive under our transition-ownership model for value creation.”
Mayer Brown LLP served as legal counsel and Advancy, Inc. served as a commercial advisor to Tilia. Cascadia Capital LLC served as exclusive financial advisor and Davis Wright Tremaine LLP served as legal counsel to Ever Fresh. Twin Brook Capital Partners provided debt financing in support of the transaction.
ABOUT EVER FRESH FRUIT COMPANY
Founded in 1968, Ever Fresh is a processor and developer of formulated fruit and sensory ingredients to the dairy, dairy alternatives, bakery, and beverage end-markets. The Company’s diverse portfolio of high quality, custom ingredient applications provide the flavor, texture, and color elements to food and beverage products. Ever Fresh brings the fruit and flavor elements to its customers in the abundance they need with the uniqueness that sets them apart. For more information on Ever Fresh, please visit www.everfreshfruit.com.
ABOUT TILIA HOLDINGS
Tilia is a Chicago-based private investment firm focused exclusively on making control investments in the evolving “farm-to-fork” segment of the global food supply chain. Tilia partners with growing, middle market companies who provide business services across the food supply chain and support leading, emerging and private-label CPG brands. The firm’s sector focused strategy is a successful approach to investments that spans three decades. Tilia’s deep understanding of operations enables a collaborative partnership approach with management and uniquely positions the firm to scale business service companies in the lower middle market. Through a value creation & governance model emphasizing stewardship, Tilia builds distinctive growth companies that enhance safety, nutrition & sustainability in the food supply chain. For more information, please visit www.tiliallc.com.
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