A Boston-based private equity firm says it will invest in the Columbus-based Ice Cream manufacturer that is attempting to rebound from two listeria outbreaks.
Jim Letizia reports.
Jeni's Splendid Ice Creams will get some financial help with its expansion plans from Castanea Partners. Terms of the deal that makes Castanea a partial owner were not disclosed, but Castanea's website says it typically invests between 15 and 150 million dollars in businesses where it has investment and operational expertise. Jeni's says on its website it has been in talks with Castanea for nearly three years. Jeni's says the deal will allow the company to make better ice cream with more direct trade ingredients, new equipment, more research and development, more hiring and the opening of more scoop shops. The company dealt with a recall and two production shutdowns resulting from listeria found in pints of ice cream and its Michigan Avenue production facility.