Sector-focused private equity firm
Tilia Holdings
- HeadquartersChicago, IL S1
- Founded2017 S3
- Websitetiliallc.com
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $5M to $15M S2 |
|---|---|
| Revenue range | $10M+ S2 |
| Deal types | Platform, Add-on S2 |
| Sectors | Consumer & Food, Transportation & Logistics |
What Tilia Holdings buys
Tilia Holdings is a Chicago private equity firm, founded in 2017, that invests only in the food supply chain: the ingredient makers, processors, co-packers, cold storage operators and testing labs that sit between farms and grocery shelves. It takes control of companies with $5 million to $15 million of EBITDA, more than $10 million of revenue and an enterprise value of roughly $25 million to $125 million. Its two founders come from food safety testing and from healthcare private equity, and the firm adds operating partners with long careers in the food industry.
Tilia has raised two funds, the second completed in 2021. Its newest platform is Caputo Cheese, a Melrose Park, Illinois processor of Italian cheeses bought in mid-2025, and it also invested alongside Warburg Pincus in FlexXray and Certified Group. Several of its companies have bought smaller peers, such as Universal Pure's HPP add-ons and NutriScience's 2024 purchase of XSTO Solutions, so a company below Tilia's size range is most likely to meet the firm as an add-on to a current holding.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | NutriScienceMilford, Connecticut specialty ingredients company recapitalized by Frontenac; the release does not name the seller | Exit | Consumer & Food | Source |
| Jul 2025 | Caputo CheeseItalian cheese processor in Melrose Park, Illinois, bought from Promus Equity Partners; the founder's son still leads it | Platform | Consumer & Food | Source |
Portfolio by sector
From the firm's portfolio page S4.
Bakery
- Wheat Montana & Stone Ground Bakery
Food Safety
- FlexXray
Specialty Ingredients
- Ever Fresh Fruit Company
Specialty labs
- Certified Group
Supply chain management
- Refrig-It & Trilogy Warehouse Partners
Value-added Processor
- Caputo Cheese
Past investments: NutriScience Innovations, Proven Partners Group (PPG), Ellison, Universal Pure
Greymont’s take
How Tilia Holdings fits a seller
Tilia fits owners of food businesses that serve other food companies rather than shoppers: ingredient makers, co-packers, cold storage operators, testing labs and specialty processors. Because the firm invests only in this niche, an owner can expect a buyer that already understands food safety rules, customer audits and plant capacity questions. Families can stay involved. At Caputo Cheese the founder's son kept running the company after the 2025 sale, and the 2023 Ever Fresh Fruit deal was a majority recapitalization done alongside the family owners.
Tilia adds platforms slowly, with two new ones since the end of 2023, and its newsroom has had no posts since July 2025. An owner should ask which fund the money would come from and how much of it is left, and how long Tilia expects to hold the company, since several of its holdings date from 2018 to 2021.
Questions owners ask
What size of company does Tilia Holdings buy?
Its criteria call for $5 million to $15 million of EBITDA, revenue above $10 million and an enterprise value of about $25 million to $125 million, with Tilia taking a controlling stake.
Does the family stay involved after Tilia invests?
Often, yes. Natale Caputo, son of Caputo Cheese's founder, kept leading the company after Tilia's 2025 purchase, and Tilia's December 2023 Ever Fresh Fruit deal was a majority recapitalization alongside the existing family owners.
Which parts of the food industry does Tilia focus on?
The middle of the chain: specialty ingredients and value-added distributors, contract manufacturing and packaging, bakeries, cold chain and warehousing, testing and inspection labs, and technical services such as product development. Its strategy page also names pet food and food waste management.
Sources
- S1Tilia Holdings home page Accessed November 2, 2026
- S2Tilia: Strategy and Investment Criteria Accessed November 2, 2026
- S3Tilia: Our History Accessed November 2, 2026
- S4Tilia: Portfolio Accessed November 2, 2026
- S5Tilia: News & Insights Accessed November 2, 2026
- S6Tilia Announces Acquisition of Caputo Cheese (July 8, 2025) Accessed November 2, 2026
- S7Frontenac Announces Recapitalization of NutriScience, Inc. (August 5, 2026) Accessed November 2, 2026
- S8Tilia: Firm Overview Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Tilia Holdings. Figures are as reported on the dates shown and may have changed. Request a correction