Encore Acquires Legacy Pizza Products Producer DeIorio’s

Private equity firm Encore Consumer Capital has finalized its acquisition of New York pizza dough producer DeIorio Foods this week. Terms of the deal were not disclosed.

Based in Utica, N.Y., DeIorio’s is a legacy dough supplier, celebrating the 100th anniversary of its founding this year. Known for its dough balls, flats and breadsticks, the company is a top supplier to restaurants, convenience stores and grocers across the country and has in recent years extended its business into pizza toppings and alternative doughs such as cauliflower, chickpea, hemp and other low-carb, gluten-free offerings.

According to the company, DeIorio’s is “actively seeking add-on acquisitions in the frozen dough space.”

“Encore brings deep industry experience and is the right partner to support us as we continue on our growth trajectory,” said DeIorio’s CEO Luis Pereira in a press release.

DeIorio’s was previously owned by Rudolph Capital, a firm specializing in acquiring family-owned companies, which it had purchased from prior operator LaSalle Capital in 2019.

Encore’s portfolio includes consumer-facing brands like Isopure, Tender Belly, Open Farm, Brownie Brittle and Supergoop! among others. The firm has also invested heavily in manufacturing and distribution businesses like full-service co-packer Lion Beverage and California fresh fruit and vegetable distributor General Produce.

The firm itself has raised over $900 million in capital and targets companies with annual revenue between $10 million and $150 million.

“We love businesses that help retail and foodservice operators pull labor out of their operations – DeIorio’s has a ton of momentum, and we are excited to help them build out capacity and expand their current capabilities,” said Kate Wallman, managing director of Encore, in a press release.

The acquisition follows a busy year for Encore, during which it sold off portfolio brands Ancient Harvest and Pamela’s to Saco Foods in August, and in May it purchased frozen baked goods producer Chalet Desserts.

A Global Markets Insights report this month projected that the frozen dough market is expected to surpass $41.9 billion by 2032 at a CAGR of about 6.3%, including pizza, bread, cookie and pastry doughs.

“Convenience remains a primary factor, with frozen pizza and bread dough gaining traction in both retail and foodservice sectors,” the report noted.