News

Audax Private Equity Completes the Sale of Stonewall Kitchen to TA Associates

Stonewall Kitchen
MAR 14, 2022

Audax Private Equity (“Audax”) today announced that it has completed the sale of Stonewall Kitchen (“Stonewall” or the “Company”), a leading provider of branded specialty food and home good products, to TA Associates.

Established in 1991 and headquartered in York, Maine, Stonewall Kitchen serves its specialty food and home goods products to more than 8,500 wholesale accounts nationwide and internationally. In addition, Stonewall operates eleven retail locations throughout New England and provides its products through catalogs and an industry-leading direct-to-consumer website.

Since being acquired by Audax in 2019, Stonewall Kitchen has undergone a period of substantial transformation, growth, and success, including:

  • Bolstering the M&A platform with five add-on acquisitions, including Vermont Village®, Village Candle®, Urban Accents®, Vermont Coffee Company® and Michel Design Works®;
  • Expanding the Company’s product offerings in high-growth home goods segment; and
  • Driving significant growth across wholesale, branded retail and direct-to-consumer channels, including developing and launching a new corporate website and driving online cross-selling between acquired brands.

Jay Mitchell, Managing Director at Audax, said, “Stonewall is an iconic brand, and we were honored to partner with John Stiker and the entire Stonewall management team to help grow the business. Between add-on acquisitions and organic growth, the Company more than tripled in size over the past three years. We have enjoyed each and every day of our partnership with the entire Stonewall Kitchen team, and we look forward to following the Company’s continued success for many years to come.”

“Since day one, Audax has been aligned with and supportive of our growth strategy, mission, and core values,” said John Stiker, CEO of Stonewall Kitchen. “One of the reasons we were excited to partner with Audax was their focus on the Buy & Build strategy. We have transformed the Company from a primarily standalone brand to a family of brands within specialty food and home goods. We are grateful for the genuine partnership that our team had with Audax. It complemented our vision, helped us expand our capabilities and offerings, and took the Company to levels we could not have foreseen just a few years ago.”

Harris Williams is serving as lead financial advisor and Robert W. Baird is serving as a co-advisor. Kirkland & Ellis and Fredrikson & Byron P.A. are serving as legal advisors to Audax Private Equity.