St. Petersburg, FL – The Anderson Group, LLC has acquired Double B Foods, Inc. (www.doubleb.com), in partnership with the business’ highly regarded executive management team, including Patrick O’Ray (CEO) and Don Wall (CFO). This is Anderson’s third transaction in 2024, and its 17th food and beverage industry investment since 2010.
Headquartered in Arlington, Texas with a USDA and FDA inspected, BRC certified manufacturing facility in Meridian, Texas, and a world-class product innovation center in Irving, Texas, Double B is a leading developer and manufacturer of handcrafted frozen and refrigerated appetizers, snacks, desserts and dips for customers in the retail (primarily private label) and foodservice channels. Double B’s expansive capabilities include blending, baking, enrobing, frying, and wrap and rolling for ready to eat and ready to cook products.
The transaction provides the company with a strong balance sheet to provide sufficient capital in order to drive growth under the continuing leadership of Partick O’Ray, who commented on the acquisition, stating, “The team at Double B enthusiastically looks forward to partnering with Anderson to leverage our existing product development and formulation expertise, as well as our diverse manufacturing capabilities to provide innovative new flavor profiles and product delivery forms for our valued customer base while also expanding relationships with new customers in existing and new sales channels.”
Cory Gaffney, Managing Partner of The Anderson Group added, “Patrick, Don, and the team at Double B have done a remarkable job of optimizing and growing the core business over the last several years, and have uniquely positioned the Company to accelerate and diversify near-term future growth. We are thrilled to be partnered with them for the next phase of their growth.” Scott Hukari of The Anderson Group added, “The Double B team has demonstrated an unwavering commitment to quality, food safety, customer service and innovation. We are excited to support the team to drive significant organic growth as well as complete future acquisitions of companies that market complementary products.”
Cherry Bekaert provided transaction accounting and tax support on the acquisition while City Capital Advisors served as the exclusive financial advisor to Double B Foods. Taft served as legal advisor to The Anderson Group and O’Melveny & Myers served as legal advisor to the sellers of Double B.
About The Anderson Group
Founded in 1985, The Anderson Group is an operationally-oriented private equity investment firm focused on acquiring control positions in companies at the lower end of the middle market. Senior professionals at Anderson each have between twenty and thirty years of operational experience in various businesses and industries. Anderson specializes in three types of transactions: turnaround opportunities, special situation investments and recapitalizations. Though Anderson does not have a specific industry focus, it typically acquires businesses in the niche manufacturing, distribution or service industries. The Anderson Group is not an institutional fund; rather, it invests its own committed pool of capital. As such, Anderson is able to avoid investment approval processes, mandates and holding periods. Thus, Anderson can offer a faster approval/transaction process, certainty to close, flexibility in equity ownership and an ability to invest throughout the capital structure that other firms and funds often cannot. For more information about The Anderson Group, please visit www.andersongroup.com.