DETROIT, Jan. 8, 2015 /PRNewswire/ -- Superior Capital Partners LLC, a Detroit-based private equity firm, announced today that it has acquired the assets of Daystar Desserts, LLC as an add-on acquisition to its portfolio company, Dianne's Fine Desserts. Based in Newburyport, MA, Dianne's provides gourmet frozen thaw-and-serve desserts for the foodservice industry and national restaurant chains. The transaction, which closed on New Year's Eve, represents the nineteenth acquisition from Superior's 2008 inaugural fund. Dianne's acquired Daystar from John Fernandez, an experienced bakery industry executive who will lead Dianne's retail initiatives going forward.
Located outside of Richmond, VA, Daystar develops and bakes branded and private label cheesecakes, bar cakes, mason jar cakes and individual desserts for retail, grocery and in-store bakery channel customers.
Dianne's Chief Executive Officer Mike Knowles commented, "This is a very exciting acquisition for Dianne's. Daystar's strong presence in the retail channel complements Dianne's leading position in the foodservice and restaurant channels. Daystar has proven itself through innovative product development and packaging concepts along with excellent customer service. Daystar's bakery in Richmond also expands our geographic footprint from the Northeast and Midwest to the Southeast."
Mark Carroll, Superior's Managing Partner, commented, "The Daystar acquisition fulfills the strategic goal of having a growing presence in all three potential industry channels. The achievements of Dianne's represent Superior's core investment thesis as a special situations fund. Since acquiring Dianne's from Heinz in 2012, we have executed a complex corporate carve-out, brought in a new leadership team, returned 100% of the Fund's invested capital and created a $100 million platform business. We are proud to be partners with the Dianne's management team and are extremely excited about the future."
As a special situations fund, Superior combines capital, transaction experience and operational improvement expertise with proven management teams who have the vision, capability and commitment to successfully improve and grow their businesses. Superior seeks to acquire or recapitalize niche manufacturers, value-added distributors and specialty service companies. Generally, these companies will have annual revenue of $10 to $150 million, identifiable growth opportunities and the need for capital and resources to implement a growth and recovery plan.
SOURCE Superior Capital Partners LLC