November [30], 2021 -- Brothers International Food, LLC (“Brothers”), based in Rochester, NY, is pleased to announce its recent acquisition of Dennick FruitSource (“Dennick”), based in Tampa, FL. The combination of Brothers and Dennick will allow these two leading B2B ingredients companies to significantly expand and diversify their combined customer base and global supplier network. The companies operate very similar business models, as value-added suppliers of tropical fruit juices, concentrates, and purees to global CPG companies. With minimal current overlap between each company’s customers and suppliers, this transaction allows for significant growth potential through cross selling opportunities, including growth opportunities for each company’s suppliers as Brothers and Dennick expand their product portfolio into a much broader and more diversified set of end channels and customers.
The combined business will be led by Travis Betters, Founder and CEO of Brothers. Dennis Moncur and Nick Filuta, Co-Founders of Dennick, will continue in their current roles with the larger organization and as ongoing minority owners. Nick Filuta and Mike DeLaurentis, VP of Ingredients for Brothers will lead the combined salesforce and all commercial relationships. Dennick’s team of experienced employees will all continue in their respective roles moving forward. Both Brothers and Dennick will retain their trademarks and brand names, and continue to operate from Rochester, NY and Tampa, Florida, respectively.
“I am excited about Dennick’s continued growth potential in partnership with Brothers,” said Dennick Co-Founder Dennis Moncur. “Brothers proved to be an exceptional acquiror, and Nick and I look forward to working with Travis and his team to maximize the potential of this combination for our customers, suppliers and employees.”
Dennick Co-Founder Nick Filuta added, “Soon after Brothers approached us with the idea to join forces, it became very clear to Dennis and me that the whole would be greater than the sum of its parts. While we operate very similar businesses in the fragmented B2B fruit ingredients space, we do not share any material customer or supplier relationships, which creates tremendous growth opportunity moving forward.”
“Dennis, Nick and their employees have built a terrific company with outstanding and long-tenured customer and supplier relationships,” said Brothers Founder and CEO, Travis Betters. “We cannot imagine a better strategic fit for Brothers’ first add-on acquisition, and, with this larger and stronger team, we look forward to exploring the acquisition of additional B2B ingredients companies in the years ahead.”
Brothers International Food, LLC
Brothers is a portfolio company of Benford Capital Partners (“Benford Capital” or “BCP”), a Chicago-based private equity firm founded in 2004 and focused on buying and building lower middle market companies in partnership with founders and management. Benford Capital invested in Brothers as a platform acquisition in December 2020 to pursue add-ons of B2B ingredient and health snacking companies.
Brothers is based in Rochester, New York with offices in Shanghai, China, and Quito, Ecuador. The company was founded in 2000 by brothers Travis and Matthew Betters, whose family have been passionately involved in the processed fruit and vegetable industry for more than 70 years. Brothers has two operating divisions: Healthy Snacks (under the Brothers All Natural and Harvester Farms brands) and Ingredients Division. Brothers International Food Ingredients Division is a full-service direct importer, distributor, and supplier of bulk packaged ingredients for the food and beverage industry. Brothers All Natural is the only Disney licensee to produce freeze-dried products for over ten years, and when introduced was named Disney’s Best New Product of the Year.
Dennick has used their years of experience to deliver exceptional customer service and value to fruit processors and food manufacturers, sourcing fruit juices, concentrates, and purees since 2000.
For more information, visit www.brothersinternational.com and www.dennickfruitsource.com