Parry Sound-based Crofter’s sells majority interest to Chicago-based private equity firm
Photo from Crofter's Facebook Page
Chicago-based private equity firm, Frontenac announced early February that it bought a majority interest in Parry Sound-based Crofter’s Organic.
Founded in 1989 by Gabi and Gerhard Latka, Crofter’s is known for producing high-quality, organic fruit spreads, jams and preserves.
No financial terms of the transaction were disclosed, but the firm stated the Latka family will retain a significant financial position in the business.
Crofter’s management will be joined by industry veteran, Apu Mody from Frontenac serving as Executive Chairman.
Founder and President Gerhard Latka said, “We are so proud of the business we have built over the past 30+ years. It has been such an honour to see the organic food industry flourish from a grass-roots movement to a worldwide push towards a more sustainable food system. We are excited to continue our mission of bringing high-quality, ethically sourced, and environmentally conscious foods to consumers everywhere and Frontenac will be an instrumental partner in making that a reality.”