This year brought a flurry of changes to Red Monkey Foods Inc.
In January, private equity firm San Francisco Equity Partners purchased a majority stake in the local spice manufacturer operating out of Republic’s Brookline Business Park. Earlier this month, SFEP picked a new CEO — former McCormick & Co. executive Scott Bolonda — to lead Red Monkey, replacing founder Jeff Brinkhoff, who’s now an adviser for the company but no longer involved in day-to-day operations, said spokesman Jeff Fox. Yesterday, the company issued a news release about an acquisition. Bolonda this morning said he moved from Baltimore to accept the CEO job.
Led by SFEP, Red Monkey signed a deal for undisclosed terms to buy San Francisco Salt Co. from its founder, Lee Williamson.
San Francisco Salt Co.’s product line includes culinary sea salts and products used for health conditions such as eczema, and psoriasis, as well as relief for stress and sleep deprivation.
“We look forward to bringing Red Monkey’s substantial distribution, innovation and manufacturing resources to this partnership and to rolling out premium store brand and branded salt programs with our retail partners,” Bolonda said in the release.
Red Monkey Foods, which invested $3.4 million moving its headquarters to Republic from Mount Vernon, placed on the Inc. 5000 fast-growth list for four straight years ending in 2014. It ranked 3,369th that year with 2013 revenue of $12.5 million, representing three-year revenue growth of 100 percent. Springfield Business Journal most recently reported Red Monkey’s revenue at $17.47 million in 2014, marking three-year growth of 54 percent.
Founded by Brinkhoff in 2002, Red Monkey produces private-label organic and gourmet spices, including products for Target and Hy-Vee, according to SBJ archives.
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