Geneva Glen Capital Announces the Sale of Dianne’s Fine Desserts
PRESS RELEASE
FOR IMMEDIATE RELEASE
CHICAGO – November 1, 2022 – Geneva Glen Capital ("GGC") completed the sale of Dianne’s Fine Desserts ("Dianne’s" or the "Company") to Dessert Holdings® (“Dessert Holdings”), North America’s leading premium dessert company.
Founded over 40 years ago, Dianne’s is a leading provider of premium frozen thaw-and-serve desserts to the foodservice industry. The Company’s product line includes cheesecakes, layer cakes, specialty pies and tarts, brownies/bars, individual minis and specialty desserts; all created at two state-of-the art GFSI-certified manufacturing facilities. GGC recapitalized Dianne’s in 2016 in partnership with the existing management team, led by CEO Mike Knowles and President Dan Scales. Since that time, the Company has significantly increased revenues and profitability while bolstering its product development capabilities, improving and automating certain manufacturing processes, and implementing several strategic initiatives.
Mike Knowles said, “We are extremely grateful for our partnership with GGC. They have provided steady support and thoughtful strategic input during their ownership of Dianne’s, and I am proud of what we have achieved at the Company.” Mr. Scales added “GGC has been a tremendous partner to Mike, myself, and the Dianne’s team during this chapter of the Company’s history, which included an unprecedented challenge in the COVID-19 pandemic. I am pleased that Dianne’s has enjoyed much growth and success despite that challenge and believe the Company will continue to see success as it takes its next step as part of Dessert Holdings.”
Adam Schecter and Jeff Gonyo, Managing Directors at Geneva Glen Capital, said, “We are truly thankful to Mike and Dan and the entire Dianne’s management team for the incredible effort and dedication that resulted in a strong outcome for all of us. The team was able to navigate exceptionally well through the challenges of the pandemic while maintaining focus on continuous operating improvements and delivering first in class menu products to its customers. We are excited to see the Dianne’s team take the next step in their growth as part of Dessert Holdings.”
Terms of the transaction were not disclosed.
About Geneva Glen Capital, LLC
Geneva Glen Capital is a Chicago-based private equity firm that partners with seasoned industry operating executives to invest in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC focuses on control buyout transactions and targets companies headquartered in the U.S. or Canada with EBITDA between $2 million and $20 million. The firm works closely with its management teams and its industry operating executives to establish and execute on a clearly defined value creation and growth plan. The principals of GGC have extensive private equity experience and capital backing from family offices and other institutional investors that provide the ability to be flexible, creative and, if appropriate, long-term investors.
Jeff Gonyo
Managing Director
jgonyo@genevaglencapital.com
Adam Schecter
Managing Director
aschecter@genevaglencapital.com
Tom Wuellner
Managing Director
twuellner@genevaglencapital.com
John Puglia
Vice President
jpuglia@genevaglencapital.com