Pittsburgh-based private equity firm 3 Rivers Capital has acquired a majority stake in Salt Lake City-headquartered Blue Chip Group. The transaction was jointly announced by Rob Carskadden, managing partner of 3 Rivers, and Mark Augason, president of Blue Chip Group.
Founded in 1972 by Mark Augason’s father, Phil Augason, Blue Chip Group produces food and beverage products and operates Augason Farms, a brand in the emergency food preparedness category. Continuing his father’s legacy, Mark Augason has built the company into a major supplier of proprietary and white-labeled preparedness food with over 300 products manufactured and sold nationwide.
Focused on the acquisition and recapitalization of small and family-owned private companies, the 3 Rivers Capital portfolio includes businesses engaged in health and wellness, light manufacturing, infrastructure, facility services and business-to-business services.
The investment from 3 Rivers Capital will create additional operational capacity aimed at accelerating delivery of the Blue Chip’s preparedness products and dramatically expanding its dry food and beverage contract manufacturing capabilities and capacity, the company said in a release.
“Blue Chip Group was established by its founder Phil Augason nearly 50 years ago as an immediate resource for families in need and through the steadfast leadership of his son Mark, the company not only became a national business, but led the creation of the preparedness food category,” said Carskadden. “We are extremely proud to build on that historic legacy and join with Mark in even furthering Blue Chip as the preeminent name in preparedness solutions and as a powerhouse in the important area of contract manufacturing.”
“Our partnership with 3 Rivers Capital comes at a time when Blue Chip Group will soon celebrate 50 years in business. Together with 3 Rivers’ additional support in resources and expertise, Blue Chip Group is poised for an exciting future ahead,” said Augason.