Pegasus Food creates frozen dough, appetizers, bakery and dessert items.
BOCO RATON, FLA. — New Water Capital L.P., a private equity firm focused on lower-middle market companies, made an investment in Pegasus Foods, Los Angeles, a manufacturer of frozen appetizers and snacks. The firm will provide growth capital to support Pegasus Foods’ recent expansion into a 135,000-square-foot facility — its second manufacturing plant — in Rockwall, Texas.
Founded in 1998, family-owned Pegasus Foods is a co-packing and private label manufacturer of frozen doughs, appetizers, bakery and dessert items for retail grocers, club stores, quick-service restaurants and consumer packaged goods businesses. Its new facility will allow the company to meet the growing demand of its consumers as well as better serve its existing markets.
“Pegasus Foods’ strengths include its ability to satisfy the quality and safety specifications of the largest and most demanding C.P.G. companies and manufacture an extremely diverse product line, while still providing the flexibility to customize packaging, labeling and product selection to meet all of its customers’ needs,” said Jason Neimark, partner and founder, New Water Capital L.P.
The Pegasus Foods investment is New Water Capital’s eighth since the firm’s start in 2015 and its second in the food manufacturing sector. Mr. Neimark said the company sees tremendous opportunity for Pegasus to increase market share.
“We at Pegasus look forward to our partnership with New Water, which will allow us to meet the growing demand for high-quality, high convenience frozen foods,” said Jim Zaferis, founder, Pegasus Foods. “As highly regarded partners with expertise in the food manufacturing sector, the fact New Water partnered with us demonstrates their confidence in Pegasus and our strategy for growth.”