Harris Williams & Co. Advises Henny Penny on its Acquistion of Wood Stone Corporation
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces that Henny Penny, a global leader in foodservice equipment solutions and the inventor of the first commercial pressure fryer, has acquired Wood Stone Corporation, a leading global manufacturer of stone hearth cooking equipment. Harris Williams & Co. acted as the exclusive advisor to Henny Penny. The transaction closed on January 3, 2014 and was led by Glenn Gurtcheff, Tim Alexander, Brant Cash and Brett Morris from Harris Williams & Co.’s Consumer Group.
“Wood Stone offers Henny Penny a unique opportunity to further expand its leading foodservice equipment product offering and capitalize on attractive growth trends in the segment,” said Glenn Gurtcheff, a managing director and head of the Food and Beverage practice in Harris Williams & Co.’s Consumer Group. “The Henny Penny and Wood Stone brands are both synonymous with quality and represent a powerful combination in the market”
“The transaction represents a great outcome for both parties,” added Tim Alexander, a managing director in the Food and Beverage practice in the firm’s Consumer Group. “Henny Penny and Wood Stone are both innovative companies that will be able to leverage their strong market positions and customer relationships to further extend their leading market positions. We look forward to watching the continued success of the combined organization.”
Henny Penny continues more than 55 years of growth and innovation that began in 1957 in Eaton, OH, with the first commercial pressure fryer. Today, Henny Penny offers a wide range of high quality foodservice equipment designed for easier operation, greater flexibility and lower operating costs. Product lines include pressure and open fryers, combi ovens, rotisseries, holding cabinets and display merchandisers.
Wood Stone Corporation, based in Bellingham, WA, has been manufacturing stone hearth and specialty cooking equipment for the foodservice industry since 1990. Wood Stone Corporation has built its reputation on its family of stone hearth ovens. Its technologically advanced ceramics and engineering expertise, coupled with the high quality construction techniques and attention to detail are typical of all Wood Stone products and relied upon by its loyal customers such as Wolfgang Puck, Carrabba’s Italian Grill and California Pizza Kitchen.
Harris Williams & Co.’s Consumer Group has completed more than 100 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. The firm’s Food and Beverage practice covers a broad range of sectors, including agribusiness, baked and prepared goods, beverages, branded and private label, diary, distribution, ingredients, meat and protein, natural and organic, processing, produce, restaurant and retail, and snacks. For more information on the firm’s Consumer Group and other recent transactions, visit the Consumer Group website.