GRAND RAPIDS — Taffy apples have become part of Bridge Street Capital Partners' investment portfolio.
The venture capital group has partnered with Affy Tapple and Mrs. Prindable's, a Niles, Ill., producer and distributor of caramel-dipped and gourmet chocolate-covered apples, as part of the investment firm's strategy to support small, profitable growth companies.
The 50-year-old company has a strong retail and fundraising customer base throughout the Midwest for its Affy Tapple brand.
There company also enjoys national recognition as a premier food-gift product through gift catalogs and high-end stores, such as Neiman-Marcus and Bloomingdale's, with its Mrs. Prindable's brand, said John Meilner, managing partner of Bridge Street Capital, along with Bill Kaczynski, who is based in Chicago.
This is the third private equity investment for the firm, located at 40 Pearl St. NW.
The firm was created in 2004 by John C. Kennedy, chairman and chief executive officer of Autocam Corp.; Michael J. Jandernoa, former chief executive officer at Perrigo Co.; and George A. Jackoboice Jr., chief financial officer of Monarch Hydraulics Inc.
Bridge Street targets companies with revenues of between $5 million and $50 million in need of capital to expand, as well as profitable family-owned firms in transition.
"In this case, the capital we're investing is to help the company in some growth initiatives," Meilner said. "This is very consistent with what we have wanted to do all along and shows there are a variety of companies that we're prepared to invest in."
Stuart Sorkin, president of Affy Tapple, says the company works with Michigan's apple industry to produce its products. In this area, his caramel apple customers include Spartan Stores Inc., Gordon Food Service and S. Abraham and Sons.
"In the Midwest, Affy Tapple has grown up doing fundraisers for their schools, and that is a critical and important part of our business," Sorkin said.
"At any given time, there's over 3,000 schools involved in selling our caramel apples to raise money."
Sorkin said most people buy caramel apples as a seasonal item, but Affy Tapple produces them all year and wants to pursue opportunities to expand its market.
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