House Foods Group Acquires Keystone Natural Holdings, LLC

Keystone Natural Holdings

We are happy with the work we’ve got executed at KNH. We invested considerably to increase KNH’s model presence, manufacturing capability, product growth capabilities, and management group to offer a broad vary of wholesome, progressive plant-based meals merchandise for grocery, membership & meals service clients.

Keystone Capital has signed a definitive settlement for House Foods Holding USA (“House Foods”) to amass 100% of Keystone Natural Holdings, LLC (“KNH”), a number one producer of tofu and plant-based meals in North America. The proposed transaction is anticipated to shut by the tip of September 2022, topic to the satisfaction of customary closing circumstances.

Through this acquisition, House Foods will increase its portfolio of value-added tofu and plant-based meals merchandise and speed up its US market enlargement plans. The mixed firm can have eight manufacturing services throughout North America.

Keystone Capital established the KNH platform by buying Nature’s Soy® in 2016, a regional plant-based meals producer targeted on the ethnic channel. Through three strategic add-on acquisitions, KNH considerably expanded its product providing and channel attain. In 2019, KNH invested in a brand new manufacturing facility in Folcroft, Pennsylvania to capitalize on natural development alternatives. The sale of KNH represents one other profitable final result for Keystone Capital inside its Food & Consumer funding efforts.

“We are happy with the work we’ve got executed at Keystone Natural Holdings,” stated Chaoran Jin, Managing Director of Keystone Capital. “During our partnership, we invested considerably to increase KNH’s model presence, manufacturing capability, product growth capabilities, in addition to the management group with a view to present a broad vary of wholesome, progressive plant-based meals merchandise for grocery, membership, and meals service clients. We are extraordinarily appreciative of the exhausting work, dedication, and dedication from the KNH administration group in constructing a market main enterprise. We want them the very best for his or her new chapter with House Foods.”

Kenny Sung, Chief Executive Officer of KNH, who will proceed to guide KNH, added, “Keystone Capital has been an awesome companion to work with, serving to us efficiently increase into extra strategic segments, which has positioned us to raised serve our retail and meals service clients within the ethnic and mainstream channel. With Keystone Capital’s assist, we’ve got built-in three add-on acquisitions, which has broadened our core market and accelerated our development. We look ahead to working with House Foods to proceed our development trajectory.”

Whipstitch Capital served because the unique monetary advisor to KNH within the transaction. DLA Piper supplied authorized companies to KNH and Keystone Capital.



Keystone Capital is a non-public funding agency primarily based in Chicago, Illinois. Formed in 1994, its mission is to spend money on and construct a portfolio of exceptionally prime quality, mid-sized companies which might be leaders of their markets. Keystone is differentiated by its funding of non-public capital and funding horizon flexibility which has led to a distinguished monitor document of getting into into true long-term working partnerships with the skilled administration groups of its firms.


Keystone Natural Holdings is a number one plant-based, better-for-you meals firm with operations within the United States and Canada. The firm’s genuine and health-conscious merchandise from storied manufacturers, comparable to Nature’s Soy®, Franklin Farms®, and Superior Natural® are proudly bought by mainstream and ethnic channels by way of retail, mass market, pure, specialty, and meals service shops. The firm continues to actively pursue strategic acquisitions to additional increase its portfolio of progressive merchandise and higher serve customers searching for various proteins for all meal events.


House Foods Group Inc. is a Japanese foodservice firm headquartered in Tokyo and Osaka. House Foods was based in 1913 as an natural medicines and prescription drugs firm, and over its 109-year historical past has grown into one of many largest Japanese suppliers of curries, spices, and different foodservice merchandise, with over $2.3 billion in international income and over 6,100 workers. House Foods’ enterprise within the United States (“House Foods America”, a subsidiary of House Foods Holding USA Inc.) is a number one provider of water-packed tofu and associated tofu merchandise with over 100 million models bought yearly throughout North America and Europe. House Foods America was established in 1983 and at present operates two manufacturing services within the United States with over 340 complete workers.

Contact Information

Chaoran Jin, Managing Director, Keystone Capital


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Brian Chung, CFO, Keystone Capital


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Michael Weston, Senior Associate, Keystone Capital


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