CHICAGO — Newly Weds Foods has confirmed that Redwood Holdings is acquiring the company.
“Newly Weds Foods has executed an agreement to be acquired by Redwood Holdings, a family-owned holding company,” Chicago-based Newly Weds Foods said. “Redwood is fully aligned with our strategy and the culture of Newly Weds built by our late owner Charles Angell. Following the transaction, we will continue to operate as Newly Weds Foods and remain an independent, privately-held and family-owned company as part of Redwood. We are excited about the future under our new ownership.”
An Oct. 18 article from Reuters said Redwood agreed to acquire Newly Weds Foods for about $4 billion.
Mr. Angell, former president of Newly Weds Foods, died in December of 2022 at age 81. At the time of his death Newly Weds Foods operated 29 plants producing a variety of products, including coatings, seasonings and sauces for food manufacturers and foodservice companies in over 90 countries. His father, Paul M. Angell, founded the company in 1932. In the 1970s Newly Weds Foods introduced Japanese-style bread crumbs (panko) to the United States.Baltimore-based Redwood Capital Investments LLC last yearacquired Grain Craft, Chattanooga, Tenn., which operated 13 flour mills in the United States at that time.