Trivest Partners LP (“Trivest” or the “Firm”), a leading private equity firm focused exclusively on investing in founder- and family-owned businesses, announced that Trivest Growth Investment Fund II (“TGIF II”) has completed the sale of its portfolio company IPMF, LLC (“NaturPak” or the “Company”) to PPC. Trivest originally partnered with NaturPak through a minority investment in October 2020. Terms of the transaction were not disclosed.

Headquartered in Janesville, Wisconsin, NaturPak is an innovative, solutions-oriented food manufacturer serving brands and retailers across a broad portfolio of bone broths, soups, sauces, wet pet food, and high-growth ingredient categories. Founded in 2007, the Company underwent a significant transformation during Trivest’s partnership from a small specialty co-manufacturer into a scaled, multi-segment platform recognized for its manufacturing excellence, integrated R&D capabilities, and customer-centric approach, with an enhanced leadership team, expanded production capacity, and a diverse customer base.

“As NaturPak enters its next phase, I’m grateful for the partnership we’ve had with Trivest,” said Aaron Jackson, CEO of NaturPak. “Their support and shared vision were instrumental in helping us scale NaturPak into an innovative manufacturing platform that serves many of the nation’s leading retailers and brands. I’m incredibly proud of our team and their commitment to our customers, and I look forward to building on this momentum in the next chapter.”

“Trivest and NaturPak’s journey together has been a testament to the power of partnership and disciplined execution of our Path to 3x value creation strategy,” said Jamie Elias, Managing Partner at Trivest. “By aligning around a shared vision, strengthening leadership, and investing in manufacturing capabilities, NaturPak achieved immense organic growth and has become a category-defining platform.”

William Blair acted as lead financial advisor to NaturPak with Westlake Securities serving as a co-advisor. Reed Smith LLP served as legal advisor to NaturPak.

About NaturPak

NaturPak is an innovative food manufacturer serving many of the largest retailers and consumer brands with nutritional foods, human-grade wet pet food, and bone-broth based ingredients. NaturPak provides robust co-manufacturing, co-packing, and fully integrated research and development capabilities that guide customers from product conception through commercialization. The Company is the largest North American manufacturer utilizing Tetra Recart, a fiber-based, BPA-free packaging technology for shelf-stable human and pet food, and a sustainable alternative to cans, pouches, and jars. For more information, please visit www.naturpak.com.

About Trivest

Trivest Partners, headquartered in Miami with a presence in Charlotte, Chicago, Los Angeles, New York, and Toronto, is a private investment firm with ~$6 billion in assets under management that focuses exclusively on the support and growth of founder-led and family-owned businesses across North America, in both control and non-control transactions. For more information, visit www.trivest.com.

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