Brothers International acquires Dennick FruitSource
Brothers International Food LLC, based in Rochester, NY, acquired Dennick FruitSource, 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. Filuta and Mike DeLaurentis, vice president of ingredients for Brothers, will lead the combined salesforce and all commercial relationships. Dennick’s 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 and Tampa respectively.
“I am excited about Dennick’s continued growth potential in partnership with Brothers,” said 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.”
“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," said Filuta. "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 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.”