LidWorks, the family-owned Plant City manufacturer that produces more than 2 billion foodservice lids a year, has been acquired by Boca Raton-based private equity firm New Water Capital Partners.
New Water announced the acquisition Wednesday, ending four decades of family ownership at a company that supplies major quick-service restaurants, convenience-store brands and packaging manufacturers and distributors. Financial terms were not disclosed.
The sale brings outside capital to a business that was already growing. LidWorks has sustained double-digit growth, according to New Water, and President Ugo Mazzarolo said the company had plans to expand its facilities, products and workforce. New Water intends to add production capacity and pursue acquisitions that broaden the manufacturer’s capabilities…