The terms of the deal were not disclosed.
Established in 1941, National Flavors makes a variety of flavors used in beverages, frozen desserts, baked goods, confectionery, and processed fruits. The company also has a “taste ordering tool” called Flavorush that ships samples around the clock.
“The market for flavor manufacturers is very attractive and it is a great time for founders to sell,” said Riverside CEO Loren Schlachet in a statement. “During our investment period, we will seek to strengthen NF’s research, development and application capabilities through organic and inorganic growth initiatives to continue offering innovative custom flavors and leading customer service. We are actively pursuing add-ons from other leading flavor manufacturers to complement NF . “
With the transaction, Dan Hinkle, interim president of National Flavorings, will remain involved in the deal as an investor and board member.
“We have a beautiful new facility, a talented and dedicated team committed to providing good service to our customers, and unique digital tools to offer our current and future customers,” said Hinkle in a statement. “Partnering with Riverside will help us maximize the potential in each of these areas to bring more value to more customers.
Riverside is a global private equity firm headquartered in Cleveland that invests in growing companies up to $ 400 million in value.