Harris Williams Advises the Armstrong Group on its Acquisition of the Ziegenfelder Company

Rhea-AI Summary

Harris Williams has advised the Armstrong Group on its acquisition of the Ziegenfelder Company, a family-owned frozen novelty manufacturer. This acquisition positions Ziegenfelder, known for its Budget Saver Twin Pops brand, for continued growth in the frozen treat market. The companies share cultural values, enhancing the long-term success potential of the merger. Ziegenfelder operates production facilities in Wheeling, West Virginia, Chino, California, and Denver.

Positive

• Acquisition strengthens position in the frozen novelty market.
• Ziegenfelder's Brand is the second largest in its category.
• Shared cultural values between the Armstrong Group and Ziegenfelder enhance integration and long-term success.

Negative

• None.

RICHMOND, Va.--(BUSINESS WIRE)-- Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised the Armstrong Group on its acquisition of the Ziegenfelder Company (Ziegenfelder), a private, family-owned frozen novelty manufacturer that focuses on producing the highest quality frozen ice treats. The transaction was led by the Harris Williams Consumer Group, including Ryan Freeman, William Watkins, David Stead and John Cunningham.

“We are proud to have worked alongside the Armstrong Group through the acquisition of Ziegenfelder,” said Ryan Freeman, a managing director at Harris Williams. “The Budget Saver Twin Pops brand is the second largest brand in its category, and Ziegenfelder is well-positioned to drive continued growth within the frozen novelty and water-ice segments.”

“The Armstrong Group is a great cultural fit for Ziegenfelder,” added William Watkins, a managing director at Harris Williams. “The two organizations share common values and goals, which provide the foundations for long-term success.”

The Armstrong Group is a family-owned and -operated collection of diverse companies. What began in 1946 as Armstrong County Line Construction has now grown into an organization that encompasses multiple industries and employs over 2,000 individuals nationwide. The Armstrong Group is led by Dru Sedwick, grandson of the founder of the company, Jud L. Sedwick. Mr. Sedwick has guided the Armstrong Group through several acquisitions during his tenure as President and CEO.

Based in Wheeling, West Virginia, Ziegenfelder is a private, family-owned frozen novelty manufacturer that focuses on producing the highest quality frozen ice treats. Ziegenfelder’s signature item, Budget Saver Assorted Twin Pops, is commonly referred to as the “Rainbow Array.” Ziegenfelder is a significant manufacturer of twin pops with production facilities in Wheeling, West Virginia; Chino, California; and Denver.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Consumer Group has completed transactions across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on the Harris Williams Consumer Group and recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220107005459/en/

For media inquiries, please contact Julia Moore at media@harriswilliams.com.

Source: Harris Williams LLC

FAQ

What is the purpose of the Armstrong Group's acquisition of Ziegenfelder Company?

The acquisition aims to strengthen the Armstrong Group's position in the frozen novelty market and drive growth for Ziegenfelder.

When was the acquisition of Ziegenfelder Company announced?

The acquisition was announced recently, although the exact date was not specified in the press release.

How will the acquisition of Ziegenfelder impact PNC Financial Services Group?

The acquisition could enhance the growth potential of a subsidiary, Harris Williams, which is part of the PNC Financial Services Group.

What are the key products from Ziegenfelder Company?

Ziegenfelder is known for its Budget Saver Assorted Twin Pops, commonly referred to as the 'Rainbow Array.'

Where are Ziegenfelder’s production facilities located?

Ziegenfelder operates facilities in Wheeling, West Virginia; Chino, California; and Denver.