Rich Products Corporation

Starting in 1945 with "the miracle cream from the soya bean," Rich Products has grown from a niche maker of soy-based whipped toppings and frozen desserts to a global US frozen foods maker. The family-owned business has developed other products, such as toppings and icings, and Coffee Rich (nondairy coffee creamer). It has expanded its product line to include frozen bakery and pizza doughs and ingredients for the food service and in-store bakery markets, plus appetizers, baked goods, seafood, meatballs, and barbecue meat. Rich Products markets more than 2,000 frozen food items that are sold in more than 110 countries; it has kitchens and bakeries around the world, including about 50 locations on six continents.

Geographic Reach

Rich Products has operations in 20 countries worldwide including the US and Canada, Argentina, Australia, Brazil, China, India, Korea, Mexico, Russia, South Africa, Turkey, United Arab Emirates, the UK, and Vietnam. Altogether, the company sells its products in 112 countries.

Operations

Rich Products offers a variety of food items, including topping and icings, breads and rolls, finished desserts, pizza doughs, bakery products, appetizers and snacks, BBQ, meatballs and pasta, and gluten-free and all-natural products.

Beyond food, the Rich family, through Rich's Entertainment Group, owns the Buffalo Bisons, the Jamestown Jammers, and the Northwest Arkansas Naturals minor league baseball teams. It also owns and operates a number of catering operations and restaurants in New York and Florida through its Be Our Guest group. In addition, the family owns a corporate and leisure travel management and event-planning business called The Travel Team; Roar Logistics, which offers truck and rail shipping solutions; and the Palm Beach National Gold & Country Club.

Financial Performance

Rich Products boasts $3.3 billion in annual sales and more than 9,000 employees worldwide.

Strategy

While the company has developed a history in the states, Rich Products has focused on expanding globally in recent years, primarily in the Asia/Pacific region. It operates in Australia through its 2011 purchase of wholesale bakery manufacturer VSE International, which boasts a portfolio of 800 products. Selling off a logistics operation a couple years ago has helped Rich Products fuel its global growth. To expand its frozen food, bakery, and food service businesses in China and throughout Asia, the company sold its KangXin Logistics unit to China Merchants Americold Logistics in 2010 in a deal worth a hefty $90 million.

The company is also expanding in emerging markets in western Asia. In 2012 the company formed Rich's Turkey, to serve that country's more than 75 million people. Turkey will also serve as a base from which to reach potential customers in Iran, Iraq, Syria, Bulgaria, and Azerbaijan.

Closer to home, in late 2012 the company acquired a pair of food companies: family-owned Goglanian Bakeries Inc.; and f'real foods of Orinda, California. The Goglanian Bakeries purchase expands Rich's pizza business, while f'real foods serves up milkshakes, smoothies, and frozen coffee beverages to convenience stores. Concurrently, Rich's entered into a joint venture -- called Twin Star Bakery -- with business partner The Stolbun Group. Twin Star operates a desserts manufacturing plant near Houston.

As part of its strategy, Rich Products works to keep up with popular food trends, such as gluten-free products, as it jockeys for market share in the baked goods category. As early as 2010 the company began offering gluten-free items such as Parisian cakes. It has also made several acquisitions to round out its portfolio and get a foot in Canada's door. Rich Products acquired Celebration Foods, maker and distributor of frozen desserts and ice cream cakes, to satisfy its long-term growth strategy and to fill out its frozen dessert portfolio. The deal included the Celebration business, its manufacturing facilities, corporate operations, research and development, direct-store-distribution (DSD) system, and a licensing agreement for Carvel-branded ice cream cakes sold in certain distribution channels. Also, the company's Canadian division -- Rich Products of Canada, Ltd. -- acquired Dorgel Ltd. & Elistan Foods, a leading manufacturer and marketer of frozen desserts and ice cream cakes in Canada. The 2012 purchase marks Rich's entry into the branded retail market in Canada.

Spending some $11 million, the company's expanding its food manufacturing facility in Georgia by 40% to grow its capacity by 30%.

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Rich Products Corporation


1 Robert Rich Way
Buffalo, NY 14213-1701
Phone: 1 (716) 878-8422
Fax: 1 (716) 8788008
www.richs.com

STATS


  • Employer Type: Private
  • President, Chief Executive Officer: William Gisel
  • Chairman: Robert Rich
  • Vice Chairman; President, Rich's Entertainment Group: Melinda Rich

Major Office Locations

  • Buffalo, NY
  • Buffalo, NY

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