Atlanta / GA. (ivc) ICV Partners, a private investment firm focused on investments in smaller middle market companies, announced an investment in Mallet + Company, a leading manufacturer of proprietary oils, ingredients and equipment used in the more than 25 billion USD commercial bakery industry.
ICV is partnering with the current CEO, Robert Mallet, whose father founded the company in 1939. Mallet manufactures technically advanced solutions that are critical to the successful operation of high volume commercial bakery lines. Based in Carnegie, Pennsylvania, the company sells its products primarily to large commercial bakeries.
«This is a very exciting investment for ICV as it allows us to leverage expertise learned from our successful investment in Sterling Foods to help Mallet´s future growth», said Willie E. Woods, President of ICV Partners. «We understand the challenges involved in selecting a partner for a family owned business and we want to thank Bob Mallet for the trust he has placed in our firm. We look forward to working with him to build the next phase of the company´s growth».
Mallet´s three key products include release agents, which are proprietary oil formulations used to coat trays and baking pans used in the baking process; equipment solutions, highly automated bread and bun pan oilers and cake pan greasers that spray release agents over targeted areas evenly and consistently; and speciality ingredients, such as icing stabilizers, emulsifiers, speciality shortenings and vegetable oils.
«Mallet has a history of customer focused product innovation and a robust product development pipeline. Our goal is to leverage their technological edge to grow the business and expand throughout North America and beyond», said Ira Moreland, Managing Director at ICV.
Robert Mallet, CEO of Mallet + Company: «ICV gave me a great sense of confidence to make the final decision to partner with them to further the growth of our company. I believe our employees and customers will benefit from this new relationship as we now have greater resources to make Mallet an even more valued partner to our customers».
ICV has proven successful at acquiring family-owned businesses, including Entertainment Cruises and Marshall Retail Group. In the commercial bakery sector, ICV acquired Sterling Foods, the leading manufacturer of extended shelf-life bakery and snack food products sold to the military, and helped the company achieve significant revenue gains and diversify its business into the commercial bakery and neutraceutical markets. The company was sold in 2008 for three times return on capital.