An affiliate of US private equity company New Water Capital Partners has acquired LidWorks, a family-owned producer of customised lids for food, drink and speciality uses.
LidWorks was established in 1985 and develops lids for hot and cold foodservice products.
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Its customer base includes national quick-service restaurant chains, convenience store brands, and packaging groups and distributors serving the foodservice sector.
The business runs manufacturing sites in Plant City, Florida, where the annual output exceeds two billion lids.
According to New Water, this production base has supported sustained “double-digit” growth.
LidWorks president Ugo Mazzarolo said: “Now in our 42nd year, we are proud to have worked side-by-side with our customers to develop innovative, customised lid solutions that support their needs. Partnering with New Water provides us with additional resources as we continue to execute on our business plan, including expanding our facilities, products and team.”
New Water focuses on lower-middle market B2B manufacturing and distribution businesses across industrials, industrial technology, food and beverage, niche engineered products and packaging.
New Water vice president Nicholas LaRosa said: “LidWorks represents exactly the type of business we seek to invest behind; it fits squarely within our long-standing commitment to the food & beverage and packaging sectors. We’re proud to partner with Ugo and the LidWorks management team to build on the strong foundation they’ve established.
“Looking ahead, we’ll continue to drive growth through investments in additional capacity and targeted M&A, with the goal of broadening the company’s capabilities and better serving our customers.”
