- Redwood Holdings, the family office set up by billionaire cousins and staffing industry veterans Jim Davis and Steve Bisciotti to invest their wealth, has agreed to buy food ingredient company Newly Weds Foods for about $4 billion, people familiar with the matter said.
Newly Weds Foods Chief Executive Officer Brian Johnson will continue to lead the company once the deal is completed, the sources said. The company is owned by the Angell family, and explored a sale after Charles Angell, who took over the business from his father Paul, died last year. Davis co-founded North America's largest staffing business Allegis Group with Bisciotti in 1983 in Maryland. Forbes pegs Davis' and Bisciotti's net worth at $4.2 billion and $7.1 billion, respectively. Bisciotti is the majority owner of American football team the Baltimore Ravens.