The condensed and evaporated milk industry in the United States is a vital segment of the dairy sector, specializing in the production of milk products with extended shelf lives. Companies in this industry focus on creating high-quality canned and packaged milk items catering to both consumers and food service providers. Trends indicate a growing demand for lactose-free and organic options, driven by changing consumer preferences. Innovative processing techniques are emerging, enhancing flavor and preserving nutritional value. As the industry shifts, players are keen to implement sustainability practices, contributing to a more environmentally friendly approach in their production processes.

The investor landscape for condensed and evaporated milk includes a mix of corporate giants and private equity firms. Notable players are based in locations like New York and Washington, D.C., showcasing a robust engagement in the market. With investments averaging around 15 per firm in 2024, these investors range from small operations to major corporations, each focusing on driving growth in the dairy sector. Having been established from 1956 to 1996, these firms possess substantial experience and strategic insight, shaping their investment approaches in the evolving dairy industry.

Top 13 Condensed and Evaporated Milk Investors in the US

1. Government of Canada

• Website: canada.ca
• Type: Corporate
• Headquarters: Canada, Kentucky, United States (USA)
• Founded year: 1999
• Headcount: 10001+
• Number of deals in 2024: 137
• LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing various needs including employment, immigration, health care, and taxation. Founded in 1999, it operates through multiple departments and agencies to ensure access to essential services and support for individuals and businesses across the country. In the context of the dairy industry, the Government of Canada has been involved in several transactions that support dairy producers. For instance, they provided a grant of $8,349,278 to Amalgamated Dairies in March 2025, which is significant for the dairy sector. Additionally, they supported La Fromagerie Champêtre inc and Fromagerie L'Ancêtre inc with grants and debt financing, indicating a focus on enhancing the dairy production capabilities in Canada. Furthermore, a grant of $5,000,000 was awarded to Nanak Foods in October 2024, which also contributes to the dairy industry. These transactions highlight the government's role in fostering growth within the dairy sector, which encompasses condensed and evaporated milk production.

2. IFC - International Finance Corporation

• Website: ifc.org
• Type: Venture Capital
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1956
• Headcount: 1001-5000
• Number of deals in 2024: 107
• LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. The IFC aims to foster economic growth and address poverty challenges in over 100 countries. Notably, the IFC has made significant investments in the dairy sector, including a recent R$160 million investment in Alvoar Lácteos, the fifth largest dairy industry in Brazil, to support its growth plan and enhance milk production and distribution in underserved areas. Additionally, the IFC invested $21.3 million in Dodla Dairy, further demonstrating its commitment to the dairy industry. These transactions highlight the IFC's active role in promoting sustainable development within the condensed and evaporated milk sector.

3. Kkr

• Website: kkr.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1976
• Headcount: 1001-5000
• Number of deals in 2024: 74
• LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR provides asset management solutions to institutional investors and individual clients, helping them navigate complex investment landscapes. The firm has a global reach and extensive expertise in various sectors. Notably, KKR has made significant investments in the food industry, including the acquisition of Del Monte Foods for $5.3 billion in 2011, which is known for its canned and packaged food products, including potential dairy offerings. Additionally, KKR's investment in grocery chains like Cardenas Markets highlights their involvement in the food distribution sector, further emphasizing their connection to the food industry.

4. Swander Pace Capital

• Website: spcap.com
• Type: Private Equity
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 1996
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: swander-pace-capital

Swander Pace Capital is a private equity firm based in San Francisco, California, founded in 1996. The firm specializes in investing in consumer products companies, providing both financial support and operational expertise to help these businesses grow. With a focus on sectors such as Food & Beverage, Body & Wellness, and Home & Family, Swander Pace Capital partners with management teams to drive innovation and market expansion. Notable transactions include the acquisition of Liberté in 2004, which is known for its yogurt products, and Applegate Farms in 2009, a company that emphasizes natural and organic food products. Additionally, they participated in a $50M Series B financing round for Purely Elizabeth in 2022, which focuses on health-oriented food products. These transactions highlight their active role in the food sector, making them a relevant player in the condensed and evaporated milk industry context.

5. The Riverside Company

• Website: riversidecompany.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1988
• Headcount: 201-500
• Number of deals in 2024: 12
• LinkedIn: the-riverside-company

The Riverside Company is a private equity investment firm based in New York, specializing in providing flexible capital solutions and strategic guidance to smaller middle-market businesses across various industries. Founded in 1988, Riverside manages a diverse portfolio of over 140 companies globally. Notable transactions include the acquisition of Parker Food Group and Parker Products, both of which are involved in food manufacturing and specialty ingredients. These acquisitions indicate Riverside's commitment to the food sector, which may encompass areas related to condensed and evaporated milk production, even if not explicitly stated. Additionally, their investment in flavor development through National Flavors and FlavorSum further demonstrates their engagement in the food and beverage industry, potentially linking to dairy and related products.

6. General Mills

• Website: generalmills.com
• Type: Corporate
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Founded year: 1928
• Headcount: 10001+
• Number of deals in 2024: 4
• LinkedIn: general-mills

General Mills, Inc. is a prominent food manufacturer based in Minneapolis, Minnesota, founded in 1928. The company produces and markets a diverse array of branded consumer food products, including well-known brands like Cheerios, Pillsbury, and Häagen-Dazs. General Mills operates globally with a focus on sustainability and community impact. Notably, they have made strategic investments in the dairy sector, including a significant acquisition of a 51% interest in Yoplait S.A.S. for €810 million, which highlights their commitment to expanding their dairy portfolio. Additionally, their acquisition of Carolina Laticínios, a Brazilian yogurt maker, further emphasizes their interest in dairy products. These transactions suggest that while General Mills may not exclusively focus on condensed and evaporated milk, their involvement in the dairy industry positions them as a relevant investor in this space.

7. The Carlyle Group

• Website: carlyle.com
• Type: Private Equity
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1987
• Headcount: 1001-5000
• Number of deals in 2024: 25
• LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm founded in 1987, specializing in private equity, real assets, and private credit. With a global presence and a focus on driving long-term value for its clients, Carlyle serves a diverse range of institutional investors, including pension funds and sovereign wealth funds. Among its notable transactions, Carlyle invested in Tirumala Milk Products, raising over $22 million in 2010, which highlights its engagement in the dairy sector. Additionally, Carlyle's acquisition of a significant minority stake in Al-Nabil Food Industries in Jordan reflects its strategy to invest in fast-growing consumer-oriented firms in the MENA region, further emphasizing its interest in the food industry. These transactions demonstrate Carlyle's capability and willingness to invest in companies that operate within the condensed and evaporated milk market.

8. Lever VC

• Website: levervc.com
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: levervc

Lever VC is a venture capital firm based in New York, founded in 2017, that specializes in investments in the food and agriculture sector. The firm focuses on supporting innovative technologies and companies that promote sustainability and health in food production. Lever VC provides consulting services to its portfolio companies, helping them scale their operations and navigate market challenges. Notably, they have invested in Marvelous Foods, a plant-based dairy producer, which aligns with their mission of supporting sustainable food production. Marvelous Foods has secured multiple funding rounds with Lever VC's participation, indicating a commitment to the dairy sector, albeit in a plant-based context. This involvement suggests that Lever VC is interested in the broader dairy industry, including potential investments in condensed and evaporated milk alternatives.

9. Sysco

• Website: sysco.com
• Type: Corporate
• Headquarters: Houston, Texas, United States (USA)
• Founded year: 1969
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: sysco

Sysco Corporation, founded in 1969 and based in Houston, Texas, is a leading food distributor that provides a wide range of food products, kitchen equipment, and culinary solutions to various sectors including restaurants, healthcare, and educational institutions. With a vast distribution network, Sysco ensures that its customers receive high-quality products and services tailored to their operational needs. In recent years, Sysco has made several significant acquisitions that enhance its portfolio in the food distribution sector. Notably, the acquisition of Concord Foods, Inc. on January 30, 2023, adds to Sysco's capabilities in providing diverse food products, which may include dairy items such as condensed and evaporated milk. Additionally, Sysco's acquisition of Greco and Sons, a US-based Italian specialty distributor, further expands its reach in the food market. These transactions indicate Sysco's commitment to broadening its product offerings, which likely encompasses various dairy products, including condensed and evaporated milk.

10. General Atlantic

• Website: generalatlantic.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1980
• Headcount: 501-1000
• Number of deals in 2024: 32
• LinkedIn: general-atlantic

General Atlantic is a private equity investment firm based in New York, specializing in growth equity. Founded in 1980, the firm provides capital and strategic support to entrepreneurs and growth companies across various sectors, including technology and healthcare. Notably, General Atlantic has made significant investments in the food sector, including a recent acquisition of a 5.64% stake in Cimory Group, an Indonesia-listed producer of dairy and other food products, for USD 130 million. This investment highlights their engagement in the dairy industry, which encompasses products like condensed and evaporated milk. Additionally, General Atlantic has participated in funding rounds for companies like Motif FoodWorks, focusing on food technology, although this is more aligned with plant-based products. Their diverse portfolio and strategic investments position them as a notable player in the food and dairy sectors.

11. Wind Point Partners

• Website: wppartners.com
• Type: Private Equity
• Headquarters: Chicago, Illinois, United States (USA)
• Founded year: 1984
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: wind-point-partners

Wind Point Partners is a private equity firm based in Chicago, Illinois, specializing in middle-market investments since its founding in 1984. The firm partners with business owners and executives to provide capital and strategic guidance, focusing on long-term value creation. Their expertise spans various sectors, including business services, consumer products, and industrial products. Notably, Wind Point Partners acquired Gehl Foods in March 2015, a company known for producing aseptic dairy products, which aligns closely with the condensed and evaporated milk industry. This acquisition reflects their belief in Gehl Foods' growth potential and their commitment to investing in technology and operations within the dairy sector. Additionally, their portfolio includes other food-related companies, indicating a broader interest in the food and beverage market.

12. AF Ventures

• Website: afventures.vc
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 2014
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: accelfoods-llc

AF Ventures is a venture capital firm based in New York, founded in 2014, that specializes in investing in emerging growth stage businesses across various consumer goods sectors. Their investment focus includes food and beverage, health and wellness, personal and household care, beauty, and pet products. They provide capital and strategic support to help these businesses scale in competitive markets, particularly those focused on healthy living. Notably, AF Ventures has participated in funding rounds for companies like Nounos Creamery, a Mediterranean yogurt brand, and Clio Snacks, which indicates their engagement in the food sector. Their recent investment in ByHeart, a company that raised $95 million in a Series C round, further demonstrates their active role in the food and beverage industry, which could encompass condensed and evaporated milk products.

13. Platinum Equity

• Website: platinumequity.com
• Type: Private Equity
• Headquarters: Beverly Hills, California, United States (USA)
• Founded year: 1995
• Headcount: 201-500
• Number of deals in 2024: 20
• LinkedIn: platinum-equity

Platinum Equity is a private equity firm based in Beverly Hills, California, specializing in mergers, acquisitions, and operations management. Founded in 1995, the firm focuses on investing in established companies across various industries, providing them with capital and operational expertise to enhance their growth and profitability. With a portfolio of approximately 50 companies and managing over $48 billion in assets, Platinum Equity operates globally. Notable transactions include the acquisition of Horizon Organic Holding and Wallaby Yogurt Company in 2024, both of which are significant players in the dairy sector. Additionally, their acquisition of JM Swank Co. and Biscuit International further demonstrates their active role in the food industry, which may encompass condensed and evaporated milk products.

Condensed and Evaporated Milk Insights: Key Investors in the US

Investor	Headquarter	Size	Founded	Deals 2024
Government of Canada	Canada, Kentucky, United States (USA)	10001+	1999	137
IFC - International Finance Corporation	Washington, D.C., District Of Columbia, United States (USA)	1001-5000	1956	107
Kkr	New York, New York, United States (USA)	1001-5000	1976	74
Swander Pace Capital	San Francisco, California, United States (USA)	11-50	1996	1
The Riverside Company	New York, New York, United States (USA)	201-500	1988	12
General Mills	Minneapolis, Minnesota, United States (USA)	10001+	1928	4
The Carlyle Group	Washington, D.C., District Of Columbia, United States (USA)	1001-5000	1987	25
Lever VC	New York, New York, United States (USA)	1-10	2017	4
Sysco	Houston, Texas, United States (USA)	10001+	1969	1
General Atlantic	New York, New York, United States (USA)	501-1000	1980	32
Wind Point Partners	Chicago, Illinois, United States (USA)	11-50	1984	3
AF Ventures	New York, New York, United States (USA)	1-10	2014	4
Platinum Equity	Beverly Hills, California, United States (USA)	201-500	1995	20

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