Grecian Delight, a Parthenis family business, and Kronos Foods, one of Entrepreneurial Equity Partners’ (e2p) portfolio companies, have reached a merger agreement. The merger between the two leading providers of authentic Mediterranean and globally-inspired cuisine will allow them to better serve their customers by offering more overall value through enhanced services, expansive product lines and increased capacity to quickly bring new innovations to market.
The agreement between Grecian Delight and Kronos joins together two Mediterranean food companies with substantial product portfolios, including value-added proteins, plant-based proteins, bakery items, globally-inspired cuisines and authentic dips and spreads. Combining the brands and businesses presents a significant opportunity to accelerate growth by continually developing on-trend options today’s consumers are looking for.
“This is a partnership that has been 30 years in the making. Now, two great organizations are coming together with a unified goal of putting our customers in a better position to succeed by delivering even more value-added products and services,” said Grecian Delight President and CEO Peter Parthenis Jr., who will serve as CEO of the newly formed company. “This new model will help us better serve our respective foodservice, retail and club store customers and meet their individual needs.”
The collaboration builds upon a customer-first approach where both companies will benefit from the combined efforts of two exceptional teams. Grecian Delight and Kronos have gained a well-deserved reputation for being deeply passionate about serving the food industry and providing authentic eating experiences to consumers.
Mark Burgett, managing partner of e2p, said, “This merger will allow Grecian Delight and Kronos to accelerate growth into global cuisine and protein-based foods—both significant trends within the food sector. We are excited to leverage our extensive network and experience in the food sector to support growth and introduce new product offerings.”
Grecian Delight and Kronos both have a long history of providing flavorful, high-quality food products. While both companies take pride in their authentic Mediterranean heritage, each has evolved and grown to offer innovative products that make globally-inspired foods more easily accessible to the foodservice, retail and club industries. Innovations include products such as ReadyCarved flame-broiled, off-the-cone slices from Grecian Delight and KronoBROIL Gyros Slices from Kronos.
“By combining our businesses and resources, customers will benefit from even more quality protein, plant-based foods, bakery offerings and exciting globally-inspired flavors from one trusted source,” said Parthenis. “We’re eager to meet and exceed the expectations of the food industry with flavorful, on-trend dishes, sauces and spreads.”
Founded in 1974 by the Parthenis Family, Grecian Delight is a provider of authentic Mediterranean foods, including gyros and specialty meats, pitas and flatbreads, tzatziki, hummus and spreads, falafel and specialties and plant-based proteins. It is based in Elk Grove, Illinois.
Founded in 1975, Kronos is a Chicago-based provider of global cuisine, including authentic Mediterranean foods, ready-to-eat proteins, plant-based proteins and value-added bakery products.
Entrepreneurial Equity Partners is a middle market, Chicago-based private equity firm focused on control-oriented investments in the food and consumer packaged goods industries.
