Watch on - 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.
By cutting out buyout firms as middle men, Redwood can save big on fees. Redwood does not disclose information about its assets and staff, and it did not respond to requests for comment. Newly Weds Foods declined to comment. Paul Angell founded the Chicago, Illinois-based company in 1932. He developed a technology that allowed sheet cake to be rolled without cracking and combined with ice cream.
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