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Gravy Master acquired by Richardson

GravyMaster-Richardson

CANAJOHARIE, NY – 2006:   Food maker Richardson has acquired Gravy Master Inc., known for its signature Gravy Master as well as flavored rock candy. Gravy Master production will be moved to the village in 2007, and the plant should employ about 150 people. Andy Crain advised Gravy Master on the transaction. Terms of the deal were not disclosed.

The company still operates a Dryden & Palmer Rock Candy plant in Connecticut to make rock candy crystal sticks and strung rock candy. The candy is currently shipped to the village plant and packaged there.

The candy manufacturer – which makes rock candy, Beechies gum, after-dinner mints, and Gravy Master – once operated using steam produced at the Beech-Nut plant and piped underground to the plant. Richardson is now operating independently of Beech-Nut after buying a new steam generator.

John Teeger, president of Founders Equity, the lead investor in Richardson, said in a news release that he’s “very pleased with Richardson’s growth.”  The NY state Pension Fund also invests in Richardson Brands.

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Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.

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