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Let’s TalkHeartisan Foods Acquires Fellow Cheesemaker North Country Dairy in Wisconsin
Heartisan Foods acquires fellow cheesemaker North Country Dairy to expand its production capacity.
Heartisan Foods, a private equity-backed cheese producer, acquired North Country Dairy, another cheese producer, on September 8, 2023. Both companies are based in Wisconsin, United States. Heartisan Foods made the acquisition with the help of private equity funding from Ronin Equity Partners to expand its production capacity.
Transaction Summary
Our Take on the Acquisition
Heartisan Foods (acquirer) acquired North Country Dairy (target) to expand its production capabilities. The deal will triple Heartisan Food’s manufacturing capacity, which will aid its fast-growing direct-to-consumer brand, Cheese Brothers, and allow the company to launch new products in the cheese spreads and cheese curds categories. The product portfolios of both companies are very similar, so the transition and integration are expected to be seamless.
The Facts of the Acquisition
- Target: North Country Dairy is a family-owned producer of cheese and cheese products in Wisconsin that has been in operation since 2007. The company started as a packaging company and then transitioned to making cheese under its own brand, North Country Cheese.
- Acquirer: Heartisan Foods is a cheese producer in Wisconsin that produces specialty cheeses, cheese spreads, and cheese curds. It is backed by Ronin Equity Partners, who have utilized and grown Heartisan Foods by making it a platform for further acquisitions in the sector.
The Transaction
| Date: | September 8, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand Heartisan’s production capacity and product portfolio. |
| Acquirer’s Statement: | Gene Graf, CEO of Heartisan – “We’ve known the [owners of North Country Dairy, Kendall, and Maria] Goossens and their colleagues at North Country for years, and we share the exact same vision. The added capacity comes at just the right time, given that we’re currently running our production facilities at full steam. With 32 different North Country cheese spreads and cheese curds to choose from, Heartisan’s customers now have a different flavor to enjoy every day of any month.” |
Target/Seller: North Country Dairy
Company Information
| Target: | North Country Dairy |
| Website: | northcountrycheese.com |
| Founded: | 2007 |
| Industry: | Food Manufacturer – Cheese |
| Type: | Private, Family-Owned |
| Employees: | 4 (Unconfirmed Source: Datanyze) |
| Locations: | Head Office and Factory: 1623 6th St, Almena, Wisconsin, United States |
Product Information
| Products: | Cheese: A variety of cheeses like parmesan, cheddar, blue cheese, provolone, gouda, swiss, pepper jack, muenster, and mozzarella Cheese Curds: Moist pieces of curdled milk in a variety of flavors Cheese Spreads: A variety of cheese mixed with butter or cream and seasonings String Cheese: Regular or smoked string cheese in multi- and single-wrapped packaging |
| Brand: | North Country Cheese |
| Market Reach: | United States |
Financial Information
| Revenue: | USD $2.1 million (Unconfirmed source: Datanyze) |
| Revenue per Employee: | USD $525,000 (i.e., USD $2.1 million / 4 employees = USD $525,000 – estimated based on the number of employees and revenue from Datanyze) |
Did You Know?
Revenue in the cheese market amounted to USD $30.4 billion in 2023. The market is expected to grow annually by a compound annual growth rate (CAGR) of 5.07% between 2023 and 2028. The average volume per person in the cheese market is expected to amount to 14.5 lbs in 2023 in the United States, and the average revenue per person is expected to be USD $90.3.
Target/Seller Overview: North Country Dairy
North Country Packaging was started in 2007 by Kendall and Maria Goossen and their children. Kendall had been working in the dairy distribution business since 1992. Through his work in the retail side of the dairy industry, he was approached with an opportunity to produce a line of North Country Gourmet Cheese spreads. An existing outbuilding on their land was renovated to make a small cheese factory and they began making small hand-crafted batches of North Country Gourmet cheese spreads.
Around the same time, Kendall and his business partner in distribution, Dennis Wenger, co-founded the North Country Cheese line. In 2020, North Country Packaging began doing business as North Country Dairy to reflect its new endeavor in the dairy industry. Today, the company offers gourmet cheese spreads, fresh curds, and a range of cheeses, all produced using ingredients from Wisconsin, United States.
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Explore Your Options NowBuyer/Acquirer: Heartisan Foods
Company Information
| Buyer: | Heartisan Foods |
| Website: | heartisan-foods.com |
| Founded: | 1991 |
| Industry: | Food Manufacturer – Cheese |
| Type: | Private with Private Equity Funding |
| Employees: | 51 to 200 (Self-published on LinkedIn) |
| Locations: | Head Office and Factory: 1623 B US Hwy 8, Barron, Wisconsin, United States |
Product Information
| Products: | Cheese: A variety of cheeses like cheddar, havarti, muenster, and gouda Cheese Curds: Moist pieces of curdled milk in a variety of flavors Cheese Spreads: A variety of cheeses mixed with butter, or cream, and seasonings |
| Brands: | Cheese Brothers Red Apple Cheese Naturally Good Kosher |
| Market Reach: | United States |
Financial Information
| Revenue: | USD $50 million (Source: Just-foods.com) |
| Revenue per Employee: | From USD $250,000 to USD $1.0 million (i.e., from USD $50 million / 200 employees = USD $250,000 to USD $50 million / 50 employee = USD $1.0 million – estimated based on the self-published number of employees and revenue from Just-foods.com) |
Buyer/Acquirer Overview: Heartisan Foods
Heartisan Foods was founded in 1991 and is an omni-channel producer of smoked, flavored, and kosher all-natural cheese. The company is based in Wisconsin’s dairyland. Heartisan utilizes a slow, meticulous, cold-smoking process with specially aged apple pulp and hardwood to create the perfect cheese.
The company has been backed by Ronin Equity Partners, a private equity firm, since 2021. Ronin has utilized Heartisan Foods as a platform to acquire more cheese producers based in Wisconsin, including Red Apple Cheese, Barron County Cheese, and Cheese Brothers.
Sources
- Company Profile
- Other Sources
- Unconfirmed Sources
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