According to multiple sources, Redwood Holdings has agreed to buy Newly Weds Foods for approximately $4 billion. Current Newly Weds Foods Chief Executive Officer Brian Johnson will purportedly continue to lead the company once the deal is completed.
The Angell family owns Chicago-based Newly Weds Foods, which was founded by Paul Angell in 1932. The company previously explored a sale following the 2022 death of Charles Angell, who took over the business from his father Paul.
“Newly Weds Foods has executed an agreement to be acquired by Redwood Holdings, a family-owned holding company,” Newly Weds Foods said in a written statement. “Redwood is fully aligned with our strategy and the culture of Newly Weds built by our late owner Charles Angell. Following the transaction, we will continue to operate as Newly Weds Foods and remain an independent, privately held and family-owned company as part of Redwood. We are excited about the future under our new ownership.”
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With 29 plants around the world, Newly Weds Foods develops and produces customized premium batters, breadings, coatings, spices, and seasonings for the processed food industry.
Redwood Capital Investments LLC was founded by billionaire staffing industry veterans Jim Davis and Steve Bisciotti in 2006. The private investment company acquires majority positions, concentrating on companies with established management in place, opportunities to re-invest earnings, and strong market positions with sustainable competitive advantages.
Redwood holdings in the food and beverage sector include Chattanooga, Tenn.-based Grain Craft, which operated 13 flour mills in the United States at the time of sale, and a beer distribution company. Steve Bisciotti is the majority owner of the Baltimore Ravens.