TowerBrook Capital Partners Announces Majority Investment in Specialty Protein Products Manufacturer Demakes Enterprises

NEW YORK – TowerBrook Capital Partners L.P. (“TowerBrook”), the New York and London-based international investment firm, today announced a majority equity investment in Demakes Enterprises, LLC (“Demakes”, or the “Company”), a manufacturer of value-added protein products. The partnership between TowerBrook and Demakes positions the Company to continue building on a 100+ year legacy of delivering healthy and convenient specialty protein products to a growing base of retailers and consumers.

Founded in 1914 in Lynn, Massachusetts, Demakes is a fourth-generation family business that develops and manufactures a broad assortment of over 250 specialty protein products across three brands (Old Neighborhood, Waterhill Organics, and Thin N’ Trim) and private label. The Company’s products are oriented toward consumers’ growing demand for “better-for you” products (e.g., organic, antibiotic-free) and convenience (e.g., ready-to-eat, ready-to-cook). Demakes’ manufacturing process includes high-pressure processing technology, which delivers superior shelf life and food safety. The Company has been a critical supplier to grocery retailers and foodservice distributors and plans to leverage the TowerBrook partnership to continue delivering high quality service and innovative products to its customers.

“We are thrilled to partner with the Demakes family to continue to build on the company’s legacy. Over the last century, Demakes has consistently delivered an innovative portfolio of products that resonate with U.S. consumers’ increasing demand for convenient, health-conscious choices,” said Michael Recht, Managing Director of TowerBrook. “We believe that combining the company’s core strengths with our experience scaling and growing consumer brands will foster an exciting phase of expansion both organically and through targeted acquisitions in coming years.”

Andrew Demakes, Chief Executive Officer, Elias Demakes, Vice President of Sales, and Timothy Demakes, Vice President of Plant Operations, will continue managing the Company in their current leadership roles while maintaining a significant minority stake in the Company.

“We believe TowerBrook is an ideal partner for Demakes given the firm’s track record of scaling family-owned businesses and significant knowledge of the food space,” stated Andrew Demakes. “My brothers and I look forward to partnering with TowerBrook to build upon the legacy of the company by expanding the reach of our distribution channels and bringing our high-quality, innovative protein products to more customers across the U.S.”

Funds managed by the Credit Group of Ares Management acted as administrative agent and provided the term loan financing for the transaction together with funds affiliated with Benefit Street Partners, Willow Tree Credit Partners, and Monroe Capital, LLC. Wells Fargo Bank National Association, as administrative agent, will provide a go-forward asset-backed revolving line of credit for the Company.

Stifel served as financial advisor and Sidley Austin acted as legal counsel to TowerBrook. Estabrook Advisors served as financial advisor and ArentFox Schiff acted as legal counsel to Demakes.

About Demakes Enterprises

Demakes Enterprises is a fourth-generation family business headquartered in Lynn, MA. Since its founding in 1914, Demakes’ mission has been to build scaled specialty protein platform, delivering high-quality, innovative products to create a more convenient, healthier future for its customers. The Company offers branded and private label products and sells to national and independent retail and foodservice customers. The Company is mission-driven and strives to make a positive impact in its home community of Lynn and beyond.

About TowerBrook Capital Partners

TowerBrook Capital Partners is a purpose-driven, transatlantic investment management firm that has raised in excess of $22.8 billion to date. As a disciplined investor with a commitment to fundamental value, TowerBrook seeks to deliver superior, risk-adjusted returns to investors on a consistent basis, guided by TowerBrook Responsible OwnershipTM principles, which are central to the firm’s value creation strategy. TowerBrook partners with talented, experienced managers and senior advisors who share the firm’s values and support its investment objectives, providing capital and resources to transform the capabilities and prospects of the businesses in which it invests, driving better outcomes for all stakeholders. TowerBrook takes an entrepreneurial, multinational, single-team approach and since inception in 2001, has invested in more than 90 companies on both sides of the Atlantic. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation, demonstrating leadership in its commitment to environmental, social and governance (ESG) standards and responsible business practices.

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