Thrive Freeze Dry, an American Fork-based manufacturer of freeze-dried products, has announced that it has entered into a definitive agreement to acquire Paradiesfrucht GmbH (Paradise), a global freeze dryer of fruits, fruit preparations, yogurts, drops, powders and granulates headquartered in Germany.
Thrive is a portfolio company of Entrepreneurial Equity Partners, a Chicago-based private equity firm focused on the food and consumer packaged goods industries, and Mubadala Capital, an asset management subsidiary of Mubadala Investment Co. of Abu Dhabi.
The transaction is expected to close in 2024, subject to customary closing conditions, including certain governmental approvals in both the U.S. and Germany. Financial terms were not disclosed.
Paradise is part of the Jahncke group, founded in 1883 by the Jahncke family, a fifth-generation family-owned business supplying products to the beverage, cereal, snack, bakery and confectionery markets. Paradise operates 20 freeze dryers in two facilities located in Salzwedel and Immekath, Germany.
Thrive manufactures freeze-dried products, including fruits, vegetables, herbs, proteins, candies, pet treats, probiotics, enzymes and prepared meals. The company currently has facilities in the U.S. (California, Utah, New York, Wisconsin, and Texas), Canada, Germany and Peru.
“With the acquisition of Paradise, a well-respected player in the market, Thrive will further enhance its manufacturing capabilities and presence in Europe,” said Steve Palmer, CEO of Thrive. “This transaction builds on Thrive’s acquisition of German-based Freeze-Dry Foods, which occurred in August 2023. Paradise will bring an extensive suite of customized freeze-dried offerings to our already robust product portfolio. The acquisition will also provide an opportunity to expand Thrive’s freeze-dried pet product offerings to the European market through an expanded footprint in Germany.”
“We are excited to be joining the Thrive Freeze Dry’s portfolio of outstanding companies,” said Bernd Wiesner, CEO of Paradiesfrucht. “Our expertise as a global freeze dryer will complement Thrive’s offerings and will allow us to offer more to our dedicated customers.”