Norwest Mezzanine Partners Invests $40 Million to Support Ryt-way Acquisition
August 14, 2008
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP), a leading middle market mezzanine investor, today announced that it has invested $40 million to support Wind Point Partners (“Wind Point”), a Chicago-based private equity firm, in its acquisition of Ryt-way Industries, Inc. (“Ryt-way” or the “Company”).
Founded in 1965, Lakeville, Minnesota-based Ryt-way is a leading contract packager of a variety of branded food products. The Company blends and packages cereals, soup mixes, seasonings, salad garnishes, snack mixes, and dry mix products for retail sale.
“We are really excited about this investment,” stated John Hogan, NMP Partner. “Ryt-way is one of the most respected contract packagers in the industry and is poised to grow in partnership with its blue-chip customer base of global food products companies.”
The Ryt-way transaction marks the third time NMP has invested to support a Wind Point acquisition. Since partnering with private equity firms to invest junior capital is NMP’s primary investment strategy, the firm’s relationship with Wind Point is an important one.
Carter Balfour, NMP Partner, stated, “Our strong relationship with the Wind Point team and knowledge of the industry enabled us to step in quickly and execute this transaction. We are also excited about being able to invest in our own backyard and support the expansion of a local company.”
This transaction also marks the first investment for NMP from its most recently closed $500 million fund, Norwest Mezzanine Partners III, LP.
About Wind Point Partners
Wind Point Partners is a private equity investment firm with $2 billion of capital under management. Wind Point focuses on partnering with top caliber management teams to acquire solid middle market businesses with a clear path to value creation. Additional information is available at www.wppartners.com.