CityBizList reports that PNC Riverarch Capital and Roch Capital announced that affiliates of Roch Capital have acquired New Carbon Company, LLC, a leading provider of waffle and pancake mix to restaurants, hotels, colleges and other food service establishments.
The transaction also included investments by the New Carbon management team. New Carbon was previously a portfolio company of PNC Riverarch Capital. Terms of the transaction were not disclosed.
Roch Capital is an investment firm investment of the Abessinio family.
Roch recently purchased the former Rollins Building high-rise off Concord Pike in North Wilmington.
Founded in 1937, New Carbon provides its Golden Malted brand waffle mix, along with waffle irons and related maintenance, to over 40,000 customer locations throughout North America and internationally.
New Carbon pioneered the “Waffle Program,” whereby customers are provided a complimentary waffle iron and subsequent maintenance in exchange for an agreement to purchase waffle mix exclusively from the company.
New Carbon’s customer base includes national restaurant chains and lodging operators, as well as independent restaurants and hotels. New Carbon is headquartered in South Bend, Ind.
“We have enjoyed a successful partnership with PNC Riverarch Capital and are now excited to partner with Roch Capital,” said Rick McKeel, New Carbon CEO.
“After working with PNC Riverarch Capital to acquire our independent distributors and to introduce a number of new products, New Carbon is well positioned to deliver continued growth under Roch Capital ownership. We look forward to working with our new partners at Roch Capital.”
Roch Capital, formerly RAA Management, is part of a portfolio of companies headed by Rocco Abessinio, the founder of Delaware-based Applied Bank. Roch Capital’s companies are managed out of its main offices in the Applied Corporate Center in Glen Mills, Pa.
Abessinio stated that the purchase of New Carbon fits well into its diversified portfolio. In addition to Applied Bank, Roch Capital’s investments include office buildings, hotels, multi-family apartments, warehouses, medical offices and a credit card servicing company.
Roch Capital seeks private equity investments where it can deploy capital in excess of $50 million.
PNC Riverarch Capital is a middle-market private equity firm which invests in privately held companies headquartered in North America. The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. PNC Riverarch Capital also invests across a variety of other industry sectors, including outsourced services, specialized manufacturing, and value-added distribution.
PNC Riverarch Capital is a division of PNC Capital Finance, LLC, a wholly-owned indirect subsidiary of The PNC Financial Services Group, Inc. PNC has invested over $1.0 billion of equity capital in more than 100 companies. It is also one of the largest banks in Delaware.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.