Heartisan Foods Joins Gellert Global Through Acquisition Led by Ronin and Landon Capital
Ronin Equity Partners, a private equity firm known for its operationally focused buyout strategies, in collaboration with Landon Capital Partners, has announced the sale of Heartisan Foods to The Gellert Global Group. This strategic transaction marks a significant milestone in the growth journey of Heartisan, which has become one of the fastest-growing specialty cheese companies in the United States.
Headquartered in Barron, Wisconsin, Heartisan Foods was created in June 2021 through the simultaneous acquisition and integration of three regional specialty cheese leaders: Red Apple Cheese, Barron County Cheese, and Cheese Brothers. In June 2023, the company further expanded its platform with the acquisition of North Country Packaging, creating a vertically integrated and diversified cheese producer with strong capabilities in both production and packaging.
Heartisan’s product line spans over 70 cheese varieties, including bricks, rounds, slices, and various snack-friendly formats such as curds, shreds, sticks, and spreads.Heartisan Foods The company offers a wide array of flavors ranging from traditional to bold, including tomato-sweet basil, smoked gouda, and even ghost pepper-infused options. It also features specialty lines such as kosher and smoked cheeses. Primarily marketed under the Red Apple Cheese brand, Heartisan has gained recognition for its commitment to quality, flavor, and innovation. With consistent double-digit sales growth year-over-year, it is currently one of the fastest-growing companies in the U.S. specialty cheese sector.
The buyer, The Gellert Global Group, owns Atalanta Corporation, a renowned specialty food importer with a global footprint. Founded in 1945, Atalanta has grown into one of the largest privately held food importers in North America. The company specializes in high-quality cheese, deli meats, charcuterie, seafood, and grocery products. By acquiring Heartisan, Atalanta aims to expand its domestic specialty cheese portfolio and enhance its already strong market presence.
The sale to The Gellert Global Group represents a natural progression for Heartisan, according to its leadership. “To turn Heartisan into a cohesive powerhouse, our investment partners embedded in with us, overhauled the back office, and helped us create a well-oiled infrastructure from processing to sales,” said Lori Henningfield, Chief Commercial Officer of Heartisan Foods. “That gave us the base to expand everything from production to products rapidly.” Henningfield emphasized the critical role played by Ronin’s operational expertise and deep involvement in building out the infrastructure necessary for scalable growth.
Ronin Equity Partners is known for its hands-on investment model. In Heartisan’s case, several Ronin team members took on executive leadership roles to ensure the platform’s successful integration and expansion. “The benefits we’ll be able to achieve with a diversified food group like Gellert Global’s Atalanta make this sale the natural next step in our evolution,” added Pratap Mukharji, Chairman of the Board at Heartisan Foods.
Ronin’s Co-Founders, David Feierstein and Jesse Yao, noted the strategic nature of this transaction amid broader industry trends. “Consolidating Heartisan with a top-tier industry specialist is the best way to maximize value for everyone,” Feierstein stated. Heartisan Foods Yao added, “We’re seeing a wave of consolidation deals in an exceptionally fragmented cheese industry. With demand for nutrient-rich dairy products peaking, M&A activity in this space continues to rise.”
The Heartisan acquisition was originally financed by Ronin using capital from a group of limited partners, including Cardinal Equity Partners and First Haven Capital. Landon Capital Partners contributed the majority of the equity investment. Heartisan Foods The deal also highlights the strength of Ronin’s fundraising capabilities. “There has been a limited capacity issue with all the Ronin deals we’ve raised capital for, as is frequently the case with the best direct investment teams,” said Matt Swain, Head of Direct Placements and Secondaries at Houlihan Lokey, who has helped raise capital for all of Ronin’s funded investments. Heartisan Foods Swain noted that all of Ronin’s deals have been oversubscribed by at least a factor of three.
Sundip Murthy, Managing Partner of Landon Capital Partners, reflected on the success of the investment. “Heartisan’s superior growth and the successful sale of a domestically-focused business in a tough market for transactions illustrates what can be achieved with strong alignment in direct deals.”
As part of the transaction, Cheese Brothers—Heartisan’s online direct-to-consumer cheese brand—was spun off prior to the sale. Known for its diverse product lineup and loyal customer base, Cheese Brothers has seen substantial revenue growth and is being sold separately for an undisclosed amount.
Since its founding in early 2021, Ronin Equity Partners has committed to five platform investments, encompassing a total of 23 individual companies. The firm’s portfolio has demonstrated impressive performance, with annualized EBITDA across its platforms increasing by 30 percent to $103 million, and annualized revenues growing by 35 percent to $512 million.
Looking ahead, Ronin’s momentum continues. The firm currently has a pipeline of approximately 50 proprietary food sector deals under review, with target company EBITDAs ranging from $3 million to $70 million. Ronin has signed a letter of intent on one upcoming acquisition expected to close by May and is preparing to exit a second portfolio company before the end of the month.
Legal advisors on the Heartisan sale included Goulston & Storrs and Katten Muchin Rosenman. Intrepid served as the exclusive financial advisor to Heartisan Foods and its shareholders, while KeyBanc advised Ronin Equity Partners on the transaction.
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