KALAMAZOO — National Flavors LLC has made its first bolt-on acquisition since becoming a platform company for The Riverside Co., a Cleveland, Ohio-based private equity firm, earlier this year.
In the deal, Kalamazoo-based National Flavors — a producer of flavors and extracts for the food and beverage industry — acquired GSB & Associates Inc., a Kennesaw, Ga.-based company specializing in flavor development.
GSB’s portfolio of liquid and powdered flavors, masking agents and flavor enhancers complements National Flavors’ existing library of flavors, according to a statement from Riverside, which acquired National Flavors in March 2020.
National Flavors CEO Brian Briggs will direct teams at both companies.
“Working together, (National Flavors) and GSB will build on their strengths with a shared vision to deliver an exceptional experience and superior flavor solutions to all our customers,” Briggs said in a statement, noting GSB “aligns very well” with the company.
Riverside relied on input and advice from industry experts on its Flavor & Specialty Ingredient Advisory Board in pursuing the inorganic growth strategy for its National Flavors platform.
“Combining NF and GSB will broaden both companies’ product portfolios, providing customers with access to additional flavor development capabilities,” said Riverside Managing Partner Loren Schlachet. “During our hold period, we want to become small- and mid-sized food and beverage companies’ number one choice for flavor development and production. Our platform’s commitment to quality, customer service and innovative development creates a strong foundation from which to continue building.”
Terms of the acquisition were not disclosed.
Private equity firm Riverside focuses its investment strategy on growing lower middle market companies with revenues up to $400 million.