Boston, MA (BUSINESS WIRE) – July 9, 2019 – New Heritage Capital (“Heritage”) is pleased to announce a new investment in Wisconsin-based Welcome Dairy Holdings, LLC, (“Welcome Dairy” or the “Company”), a leading provider of dairy flavorings, cheese sauces, seasonings and functional cheese. With extensive in-house R&D and production capabilities, the Company was created through the 2016 merger of Welcome Dairy, LLC and Gamay Food Ingredients, LLC to provide customers with a full-service cheese ingredient offering from product development through final manufacturing.
Heritage completed its investment via its unique Private IPO® solution, which leaves operating control in the hands of the reinvesting founders while providing them the desired liquidity and financial flexibility to accelerate future growth.
“Welcome Dairy has been our family’s business going back nearly seventy years, and it was important for us to find a partner who would enable us to retain operating control and preserve our legacy,” said Terry Eggebrecht, CEO of Welcome Dairy. Terry Schneider, President and Chief Operating Officer of Gamay Food Ingredients, added, “We have worked tirelessly over the years to build our unique culture focused on customer experience and product innovation. In Heritage, we have found a partner that believes in our mission and is supportive of our vision.”
Melissa Barry, Partner at Heritage added, “We are incredibly excited to partner with Terry Eggebrecht, Terry Schneider, and the entire Welcome Dairy team. We believe the Company’s exceptional reputation, strong management team, and unique full service offering from flavor development through final manufacturing differentiate it as a true industry leader amongst its peers. We look forward to working with our management partners here to execute on their exciting growth plans for the future.”
About Welcome Dairy
Welcome Dairy represents the combined interests of Welcome Dairy, LLC and Gamay Food Ingredients, LLC, two companies that worked together for decades and officially merged in 2016. The Company is the go-to provider of dairy-based products and ingredients, having developed an impressive collection of proprietary recipes catering to a diversified, blue-chip customer base. Welcome Dairy traces its roots back to the late 1800s, when the Company was first established as a local manufacturer of Colby cheese in Colby, Wisconsin.
About New Heritage Capital
New Heritage Capital is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.