Charlotte-based private equity firm Falfurrias Capital Partners today announced an investment in Carolina Foods, LLC.
Carolina Foods is one of the leading wholesale bakeries in the country, making donuts, honey buns, pies, fritters, and a host of other sweet treats under the Duchess brand. Carolina Foods also does private-label manufacturing and co-packing for numerous major snack brands. All told, Carolina Foods produces nearly a million honey buns daily, and enough donuts each year to circle the globe twice.
Tad Dickson and Mary-Ann Somers served as advisors to Falfurrias throughout the transaction process and will serve on the Board of Directors of Carolina Foods post-close. Dickson is the former CEO of Harris Teeter, a 260-store grocery chain in the Southeastern United States, and currently serves as a member of the Board of Dollar Tree. Somers has extensive general management experience, having led Hershey’s confection business and Coca-Cola’s water, tea and coffee segment.
“This partnership will give us the financial resources and management expertise to take Carolina Foods to another level,” said Paul Scarborough, who joined the family business in 1977. “Falfurrias has a tremendous track record of helping the companies they invest in realize next-stage growth, and their expertise in food marketing and distribution will be especially useful to our organization.”
All of Carolina Food’s 400 employees are expected to be retained.