Case Study

Westlake Securities partnered with NaturPak across multiple phases of its growth and through multiple transactions from 2019 through 2026, supporting strategy and capital formation as the company scaled from a specialty co-manufacturer into a diversified food platform, ultimately serving as co-advisor on the company’s sale to PPC.

NaturPak is a Wisconsin-based food manufacturer specializing in bone broths, soups, sauces, wet pet food, and high-growth ingredient categories. The company is the world’s largest co-manufacturer utilizing the Tetra Recart® format, a fiber-based, BPA-free packaging technology for shelf-stable human and pet food, and the largest North American manufacturer using this sustainable alternative to cans, pouches, and jars.

When Westlake began working with NaturPak in 2019, the company was a founder-led specialty co-manufacturer with significant growth potential ahead. The founders needed a long-term strategic partner to help navigate growth decisions, raise capital, and position the business for its next phase.

Westlake’s Role: Westlake partnered closely with NaturPak’s founders and management team across multiple phases of the company’s growth over six years, supporting strategy and capital formation at each stage. When Trivest Partners moved to exit its minority stake, Westlake served as co-advisor on the sale alongside William Blair.

The Outcome: Over the course of the partnership, NaturPak scaled from a small specialty co-manufacturer into a diversified, multi-segment platform serving national brands and retailers across multiple food and pet nutrition categories. In January 2026, NaturPak was sold to PPC, completing a transformational arc that began with a founder’s vision and ended with a successful institutional exit.