BGL Announces the Acquisition of Crest Foods by Harwood Private Equity

The acquisition will enable Crest Foods to initiate its next phase of growth

Chicago, IL — February 20, 2024 — Brown Gibbons Lang & Company (BGL) is pleased to announce the sale of Crest Foods, a leading provider of dairy stabilizers, contract packaging, and branded and private label dry food manufacturing, to Harwood Private Equity (Harwood), an investor in lower middle market companies. BGL’s Food & Beverage, Debt Capital Markets, and Real Estate teams together served as the exclusive financial advisor to Harwood. The specific terms of the transaction were not disclosed.

The transaction highlights BGL’s ability to offer a full suite of integrated advisory services to both buy-side and sell-side food & beverage companies, including acquisition financing and real estate financing solutions.

Founded in 1946, Crest Foods is a leading provider of food manufacturing, packaging, and product development services to branded and private label customers. The company operates three business lines:

  • Ingredients: Develops proprietary stabilizer formulations and recipes for dairy products, including cottage cheese, cream cheese, yogurt, and dairy protein- and plant-based beverages.
  • Contract Packaging: Provides packaging services to branded and private-label dry food companies.
  • Consumer Products: Specializes in outsource product development and turn-key manufacturing services for branded food companies.

The acquisition provides Crest with a partner who can lead the company into its next phase of growth while maintaining its dedication to providing value-added services to its blue-chip customer base and leading consumer brands.

Harwood is a leading investor in lower middle market companies with investment experience across a variety of industries, including food and beverage, life sciences, precision manufacturing, media, and healthcare services.

In conjunction with the acquisition, BGL facilitated a sale-leaseback of the affiliated 575,000-square-foot, state-of-the-art contract packaging, distribution, and warehousing facility in Ashton, IL, via TPG Angelo Gordon’s Net Lease business.

About Brown Gibbons Lang & Company

Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital marketsfinancial restructuringsbusiness valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 35 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit

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