NEW YORK – Ronin Equity Partners has solidified its position in the consumer packaged goods sector with the strategic acquisitions of Red Apple Cheese, Barron County Cheese, and Cheese Brothers. This move marks a significant expansion for the New York-based private equity firm, creating a vertically integrated market leader in the specialty cheese industry. The acquisitions encompass smoked, flavored, and kosher cheeses, alongside a strong foothold in eCommerce, setting the stage for robust growth and market dominance.
This strategic consolidation brings together established players within the premium cheese market. Red Apple Cheese is renowned for its leadership in smoked, flavored, and kosher specialty cheeses. Barron County Cheese is a major force as a smoker and co-packer, vital to the specialty cheese supply chain. Cheese Brothers adds an innovative eCommerce dimension, reaching consumers directly with specialty cheese offerings. The synergy of these companies under Ronin Equity Partners’ guidance aims to capitalize on the fragmented U.S. premium cheese and charcuterie market, establishing an omni-channel powerhouse.
The leadership team for the newly formed entity is a blend of industry veterans and Ronin’s operational expertise. Gene Graf, co-founder of Cheese Brothers and Barron County Cheese, will spearhead operations. His deep industry knowledge is crucial for integrating the acquired companies and streamlining processes. Eric Ludy, the other co-founder of Cheese Brothers, will lead marketing and eCommerce strategies, leveraging his experience in the direct-to-consumer space. Tiffany Bell, a partner at Ronin, will assume the role of CFO, bringing her financial acumen to the forefront. David Toy, formerly Chief Commercial Officer at Sauer Brands and Kraft Heinz, joins as CEO, lending his extensive experience in foodservice and consumer goods to drive the overall strategy and growth.
“We are forging a dynamic alliance of ambitious companies, each rooted in the rich traditions of Wisconsin and New England, with Ronin’s operational and market insights in the cheese and consumer packaged goods arena,” stated Gene Graf. “This partnership is designed to significantly accelerate our growth trajectory.”
Ronin Equity Partners’ approach is centered on empowering founders and executives in fragmented industries. “We are thrilled about this partnership and believe Ronin’s investment is an ideal fit,” commented David Feierstein, Managing Partner at Ronin. “Our goal is to empower motivated, passionate leaders in fragmented sectors, utilizing our financial strength and operational expertise to drive rapid consolidations and growth.” Existing management and founders of the acquired companies will retain substantial equity in the new venture, aligning interests and ensuring continued dedication to the business’s success.
This cheese industry transaction is part of Ronin’s inaugural fund, which secured approximately $300 million in commitments in March from family offices including Landon Capital, Cardinal Equity, and First Haven Capital. Ronin Fund I is expected to include four platform deals, with the cheese acquisitions marking the second. Triago served as the sole placement agent for Ronin Fund I, while Katten Muchin Rosenman LLP acted as legal advisor and XMS Capital as buyside advisor for the cheese industry transaction.
About Ronin Equity Partners
Ronin Equity Partners, based in New York City, is redefining investment through its operationally focused value creation strategy. The firm concentrates exclusively on control equity investments within the Industrial and Consumer sectors, leveraging the team’s extensive prior operational experience. Founded by managing partners David Feierstein and Jesse Yao, alongside former senior executives from industry giants like Kraft Heinz, NCR, and Diversey, Ronin brings a wealth of operational and strategic expertise to its portfolio companies. The firm is further supported by over twenty operating advisors in the consumer and industrials sectors, enhancing its capacity to drive value and growth.
