BURRILLVILLE, R.I. (WPRI) — A prominent Rhode Island food manufacturer has been purchased by a Chicago private equity firm.
Daniele Inc., a maker of Italian meats under brands such as Del Duca, was sold by the Dukcevich family to Chicago-based Entrepreneurial Equity Partners, or e2p, which focuses on food and packaged goods. The company has about 600 employees.
Financial terms were not disclosed.
Daniele was founded in Italy in 1945 by two Croatian refugees, Stefano and Carolina Dukcevich. Their son, Vlado Dukcevich, moved to the United States in 1976 and built its first plant in Rhode Island. His sons, Davide and Stefano Dukcevich, opened a new $100 million factory last year.
In a news release, Daniele said the Dukcevich family “will maintain a significant stake in the company,” and described the outside investment as the third acquisition for e2p’s first fund.
“Our family has dedicated over 70 years to growing Daniele,” Davide Dukcevich said in a statement. “We selected e2p as our partner for the company’s next stage because of their blend of hands-on operational experience and demonstrated ability to create value in food companies for all stakeholders.”
“I have known the Dukcevich family and Daniele for many years, and we are incredibly excited to add Daniele to our e2p portfolio,” said Mark Burgett, managing partner at e2p. “Daniele has developed industry-leading brands and product offerings as a result of its dedication to authenticity, quality and strong product innovation.”
Ted Nesi (firstname.lastname@example.org) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook