LOS ANGELES — Private equity firm Nexus Capital Management LP acquired salty snacks maker Cheeze Kurls LLC, also known as CK Snack Foods, from private investment firm Kilroy Partners.
Financial terms of the deal weren’t disclosed.
Based in Grand Rapids, Mich., CK Snacks makes a range of private label extruded, fried and baked snack foods — in puff, curl, ball and ring forms — plus popcorn and party mixes for grocery, drugstore, discount and other retailers, as well as wholesalers, nationwide.
The company, founded in 1964, also provides snack food contract manufacturing and packaging services, including single-serve, family-size, club store, jumbo bag and foodservice options.
“CK has built a leading position in the snack food industry due to our ability to consistently produce innovative and high-quality products for our customers,” said Jamie Colbourne, chief executive officer of CK Snacks. “I want to thank our employees, customers and vendor partners for helping us reach this milestone in the company’s history. I look forward to working closely with the Nexus team to facilitate the continued success and expansion of CK Snacks.”
Nexus’ investment portfolio includes food companies TruRoots (plant-based, natural and organic food and beverage brands R.W. Knudsen, Santa Cruz Organic, TruRoots and private labels) and Natural Balance (pet food).
“CK aligns with our extensive experience investing in food and beverage, and we look forward to supporting the company in its next phase of growth,” said Daniel Flesh, partner at Nexus. “We are excited to partner with the company, its management team and its CEO, Jamie Colbourne, who has been an operating adviser to Nexus for many years. On behalf of Nexus, I would like to express my gratitude to the CK team for working with us on this transaction.”
Other consumer sector businesses that Nexus invests in include FTD (floral delivery services FTD and ProFlowers), Resident (home goods), Lamps Plus (lighting retail), TOMS (footwear), and beauty/personal care and wellness brands Dollar Shave Club, Mav Beauty, Sky Organics and Sugarbear.
“CK Snacks participates in an attractive category within food manufacturing,” commented TJ Parthemer, principal at Nexus. “We look forward to working closely with management and all employees to continue building this platform.”
Kilroy Partners had acquired CK Snacks in September 2020 from Cheeze Kurls co-owners Timothy Dedinas, who was president, and Robert Franzak, who was vice president. Dedinas and Franzak, whose fathers founded Cheeze Kurls, retained a minority stake and served in advisory roles at the snack maker.
“We are grateful for the collective efforts of Jamie (Colbourne) and the entire CK Snacks team in making this such a successful investment and wish Nexus the best of luck during the company's next stage of growth,” said Mark Hughes, managing partner at Boca Raton, Fla.-based Kilroy.