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B. Manischewitz Company
B. Manischewitz Company is a leading manufacturer of kosher food products, that held a U.S. market share for matzo products of approximately 70% at the time of acquisition. The company's brand names, including Manischewitz, Goodman and Horowitz Bros. & Margareten, were among the best known in the kosher food industry. TGV was attracted to Manischewitz due to the extraordinary stability of the market for its products and for the opportunity to expand its product line through product line extensions and acquisitions.
A group led by TGV acquired the company, which was publicly held, in October 1990 for $44 million. In May 1996 the company undertook a partial recapitalization at a valuation of $65 million in order to permit limited partners of the TGV buying group, as well as minority stockholders in the company, to liquidate their investments, which resulted in 2.3x equity returns.