LidWorks, the family-owned Plant City manufacturer that produces more than 2 billion foodservice lids a year, has been acquired by Boca Raton-based private equity firm New Water Capital Partners.
New Water announced the acquisition Wednesday, ending four decades of family ownership at a company that supplies major quick-service restaurants, convenience-store brands and packaging manufacturers and distributors. Financial terms were not disclosed.
The sale brings outside capital to a business that was already growing. LidWorks has sustained double-digit growth, according to New Water, and President Ugo Mazzarolo said the company had plans to expand its facilities, products and workforce. New Water intends to add production capacity and pursue acquisitions that broaden the manufacturer’s capabilities.
“Partnering with New Water provides us with additional resources as we continue to execute on our business plan, including expanding our facilities, products, and team,” Mazzarolo said.
Founded in 1985, LidWorks designs and manufactures customized lids for hot and cold beverages, food containers and specialty products from its Plant City facilities. Its annual production has grown to more than 2 billion lids.
That scale, combined with the company’s position in foodservice packaging, brought it within two sectors New Water already targets. The Boca Raton firm invests in lower-middle-market business-to-business manufacturers and distributors across food and beverage, packaging, industrials, industrial technology and niche engineered products.
“LidWorks represents exactly the type of business we seek to invest behind; it fits squarely within our long-standing commitment to the food & beverage and packaging sectors,” Nicholas LaRosa, vice president at New Water, said in the announcement. “We’re proud to partner with Ugo and the LidWorks management team to build on the strong foundation they’ve established.”
New Water plans to build from that operation by investing in additional capacity and targeted acquisitions.
Stout served as financial adviser to New Water and Reed Smith served as legal adviser. PMCF Investment Banking represented LidWorks.