A Newtown Square private equity firm has bought a 100-year-old family business known for its manufacture of horseradish and other condiments, writes Morgan Simpson for Philadelphia Business Journal.
Graham Partners Inc. bought Tulkoff Food Products, headquartered in Baltimore and known for its horseradish, Tiger Sauce.
Phil Tulkoff, president of Tulkoff Food Products, said the company is doing well but he is looking to retire.
“I am pushing 64 and don’t want to work until I’m 75 years old,” Tulkoff said. “I think I’ve personally gotten the company where I can get it.”
Tulkoff will be on the management team for at least the next year. His two brothers, Alec and Michael, have also decided to retire.
No other major changes are expected in the acquisition, except for the company’s official name, which will change from Tulkoff Food Products Inc. to Tulkoff Food Products LLC.
Graham Partners is one of the largest private equity firms in the Philadelphia area, It has $5.2 billion in capital under management.
Tulkoff said his company needed “deeper pockets” to continue its growth and that the deal will mean an expansion of research and development capabilities.
Read more about the acquisition in the Philadelphia Business Journal.
