Intrepid Investment Bankers, a leading middle-market investment bank and the advisory arm of global financial group, MUFG, announced today that it acted as the exclusive financial advisor to The Watkins Company on its majority sale to Cannae Holdings, Inc. (NYSE: CNNE) in partnership with KDSA Investment Partners.
Founded in 1868 and headquartered in Winona, Minnesota, Watkins is one of the most trusted and fastest growing flavorings brands in the premium natural and organic category in the United States. Under the leadership of Mark Jacobs (Chairman) and J.R. Rigley (CEO), Watkins has grown its lines of extracts, spices, condiments and bitters across all major sales channels and has become a key supplier to some of the largest retailers in each category.
“The partnership with Cannae and KDSA marks a pivotal moment for the Watkins brand and will further enhance the Company’s growth trajectory in the near future,” said Mark Jacobs, Chairman of Watkins, who will retain a significant minority stake in the business. “We could not have done this without the help of Intrepid and their extensive knowledge of the flavoring industry. They were a class act from start to finish.”
“Intrepid’s expertise and persistent support were invaluable every step of the way and led to a truly seamless process,” said J.R. Rigley, CEO of Watkins. “We are thrilled with the outcome and confident we found a partner who aligns with our strategic vision and culture.”
Cannae and KDSA’s combined operating experience and knowledge of the food sector will create significant organic and inorganic growth opportunities for Watkins. The collaboration will enable Watkins to continue innovating its best-in-class suite of products while maintaining the brand’s authenticity and commitment to customers.
“It’s been remarkable to work with Mark, J.R. and the rest of the Watkins team as they continue to push the boundaries of innovation in the flavoring industry,” said Brian Levin, Managing Director and Co-Head of the Food, Beverage & Agriculture practice at Intrepid. “They have positioned themselves as a market leader and we are excited to see what they will accomplish in the future under the new partnership with KDSA and Cannae.”