Blue Point Capital Partners bought Italian Rose Gourmet Products, giving the Cleveland-based PE firm a food-distribution platform company for its Blue Point III lower middle-market fund started in 2014.
Italian Rose’s founders and current management retain partial ownership, according to Blue Point. The West Palm Beach, Fla.-based company manufactures and distributes salsas, dips, sauces and spreads. It also sources, processes and packages fresh produce and herbs. Its products primarily are found in the refrigerated section of grocery stores, but it also serves the food service industry.
Angelo Fraggos, a food industry veteran who worked with Blue Point on its successful JTM Foods investment, was appointed CEO of Italian Rose.
“We see strong opportunities to broaden the company’s market presence through a consumer-driven strategy centered on research and innovation,” Fraggos said in a press release.
Blue Point currently manages more than $825 million in committed capital, primarily invested in manufacturing, distribution and service businesses between $20 million and $200 million in revenue.