Krier Foods of Random Lake has been acquired by Celerant Capital, a San Antonio, Texas private equity company in a manner that should keep the 114-year-old maker of Jolly Good sodas running without interruption. The agreement was announced last week by the two companies.
Krier is known as a premier manufacturer of a wide variety of Ready to Drink beverages packaged in aluminum cans. The company, which began as a small farming company in the Ozaukee County Village of Belgium, made its most recent addition to its products when it obtained a permit to produce alcoholic beverages in 2018. The Jolly Good brand dates back to the 1960s, a product that helped fuel the company’s expansion of its main facility 17 years ago. According to its website, Krier reached a peak contract production of national beverage brands of just under 20-million cases by 2008. Celerant is a private equity sponsor that invests exclusively in food, beverage and enabling technologies.
Upon the acquisition, Krier announced the appointment of John Kowalchick, formerly CEO of Baxters North America, as its new CEO. Former CEO, John Rassel, will transition out of the day-to-day leadership of the Company, but will continue as an advisor. He said that he would pursue charitable and community opportunities in Southeast Wisconsin.
The senior leadership team of Krier will continue to lead it from its headquarters in Random Lake.
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