Olympus Partners has agreed to sell Rise Baking Company to fellow private equity firms Platinum Equity and Butterfly. Rise produces cookies, cakes, pies, muffins and icings for in-store bakeries and foodservice customers, including national grocery chains, convenience stores, QSRs and mass merchandisers. Olympus bought Rise in 2018 before bolting-on Brill, Dawn Frozen Products division, Wonder Brands Pies and Table Talk Pies. Olympus said that the sale means the firm has returned more than $6bn to its investors in the past three years.
TVM Capital Healthcare has made an equity investment in San Francisco-based Human Longevity, which focuses on precision medicine in the pursuit of healthy aging. The investment will support the company’s growth within the US market, as well as its expansion into Saudi Arabia and Southeast Asia. The company has proprietary tools for the detection of gene-disease associations, and provides clients with pre-symptomatic diagnosis and customized treatments in an attempt to preempt disease at a very early stage. Helmut Schuehsler, chairman and CEO of TVM Capital Healthcare, said, “With our investment in HLI, we contribute to the transition towards the ‘healthcare of the future’ which is all about precision medicine, personalized care, and disease prevention, in short, true ‘health care’.”
ICV Partners has acquired a significant ownership interest in Interstate Auto Care, a franchisee in the Valvoline Instant Oil Change system. Founded in 1989, IAC has grown from a single location to 26 stores across two US states. Kalpana Zeena Rao, managing director at ICV, said, “This acquisition aligns with our investment strategy of backing strong companies that provide essential services to their customers. We look forward to supporting the leadership team as they continue to deliver exceptional service and expand operations.”
Forest Hill Partners has completed the sale of long-held debut investment Micromatic to fellow buyout house MITAR Private Capital. Micromatic specialises in rotary vane actuators, waste tippers and automation assembly systems. FHP bought Micromatic from Textron in 2005, and has nearly tripled its revenues and earnings over that 19-year ownership. John Carretta, co-founding partner of FHP, said, “Working in close partnership with the Micromatic management team, we accelerated revenue growth, diversified revenue streams, and executed a number of strategic initiatives.”
