Tilia Holdings

What Tilia Holdings does

Tilia Holdings, LLC is a Chicago-based private investment firm founded in 2017 by Eric Larson and Johannes Burlin, both former leaders of Linden Capital Partners, that operates exclusively in the lower middle-market food supply chain. The firm makes control investments in B2B service companies with $5-15M EBITDA, greater than $10M in revenue, and $25-125M enterprise value, targeting what it characterizes as the underpenetrated, fragmented farm-to-fork segment. Tilia runs two private equity funds (Fund I closed 2018; Fund II closed 2021) and a portfolio of ten operating companies spanning cold chain warehousing (Refrig-It, Trilogy), food safety testing (Certified Group/FSNS), high-pressure processing (Universal Pure, exited 2022), contract manufacturing and packaging (Proven Partners Group), bakery ingredient solutions (Ellison, exited 2024; Wheat Montana, Stone Ground Bakery), specialty ingredients (NutriScience Innovations), foreign material inspection (FlexXray), formulated fruit and sensory ingredients (Ever Fresh Fruit), and Italian cheese processing (Caputo Cheese, acquired June 2025). The firm differentiates through a "parity" operating model that combines financial, operating, strategic, and governance expertise at the principal level, supported by a bench of Operating Partners with CPG/food industry backgrounds.

Tilia's go-to-market is proprietary deal sourcing through deep industry networks built over the co-founders' 30+ years in food safety, nutrition, life sciences, and healthcare PE. The firm markets its funds to institutional investors, family offices, and foundations through direct relationships and SEC-registered investment adviser channels rather than broad distribution. Revenue is generated through traditional private equity fund economics: management fees on committed capital across the two funds plus carried interest on realized exits; fund sizes and revenue are not publicly disclosed. Beyond capital, Tilia provides portfolio companies with a systematic governance framework, cross-portfolio commercial collaboration (formalized through the Tilia Innovation Collaboratory launched in 2023), and Operating Partner engagement in areas such as food safety, supply chain, finance, and organizational transformation.

The firm has executed two notable realizations (Universal Pure sold to Aurora Capital Partners in October 2022; Ellison Bakery sold to QualiTech/MidOcean in August 2024) and continues active deployment, evidenced by the June 2025 Caputo Cheese acquisition and ongoing bolt-on activity (e.g., NutriScience's October 2024 acquisition of XSTO Solutions). Capital partners include Warburg Pincus as a co-investor across multiple deals and Twin Brook Capital Partners as a recurring unitranche debt provider, with Mayer Brown LLP and firms such as Houlihan Lokey, Rothschild, William Blair, Cascadia Capital, Harris Williams, and Davis Wright Tremaine serving as recurring advisors.

Name

Tilia Holdings

Legal name

Tilia Holdings, LLC

Website

https://tiliallc.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Tilia Holdings is a Chicago-based private investment firm founded in 2017 that makes control investments exclusively in lower middle-market service companies across the food supply chain, currently operating two private equity funds and a portfolio of ten operating companies spanning cold chain, food safety testing, ingredient manufacturing, and specialty processing.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

Keywords

• Private equity investing
• Middle market investments
• Food supply chain
• Control buyouts
• Portfolio management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Private Equity Fund Management: Tilia earns returns through capital appreciation of portfolio companies, realized via strategic exits. The firm operates private equity funds (Tilia Fund I, Tilia Annex Fund I, Tilia Fund II) and generates management fees and carried interest from limited partners including institutional investors, foundations, and family offices.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Tilia Holdings is a private investment firm that makes control investments in lower middle-market service companies across the food supply chain. Through its private equity funds (Tilia Fund I, Tilia Annex Fund I, and Tilia Fund II), the firm acquires and operates platform companies providing food safety testing, cold chain warehousing, specialty ingredients, contract manufacturing, high-pressure processing, bakery solutions, cheese processing, and food inspection services to leading and emerging CPG brands. Capital is raised from institutional investors, foundations, and family offices as limited partners, with returns generated through portfolio company growth and strategic exits.

Product overview

Tilia Holdings is a private investment firm that makes control investments in middle market service companies across the food supply chain. The firm operates as a platform investing in distinct portfolio companies that provide technical, mission-critical services to food and beverage manufacturers and CPG brands. The portfolio includes: Ellison (bakery ingredient solutions), NutriScience Innovations (specialty nutritional ingredients), Wheat Montana & Stone Ground Bakery (clean-label bakery and milled products), FlexXray (foreign material inspection), Refrig-It & Trilogy Warehouse Partners (cold chain warehousing), Certified Group (laboratory testing and regulatory consulting), Universal Pure (high-pressure processing/HPP), Proven Partners Group (contract manufacturing and packaging of dry goods), Ever Fresh Fruit Company (fruit and sensory ingredients), and Caputo Cheese (Italian cheese processing). Each portfolio company operates independently while benefiting from Tilia's governance approach, operational expertise, and cross-portfolio collaboration.

Differentiator

Problem solved

Functional benefit

Products and services

• Tilia Fund I, L.P. and Tilia Annex Fund I, L.P.
• Tilia Fund II, L.P.

Quantifiable outcome

• Tilia Fund I invested across five platform companies by 2020; Tilia Fund II invested in three platform companies by 2021
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered supporting and core.

• Mayer Brown LLPsupportingImplementation/ SI/ Consulting Partner · 8 July 2025Mayer Brown LLP served as legal counsel to Tilia on the Caputo Cheese acquisition in 2025. Mayer Brown has also served as Tilia's legal counsel on multiple prior transactions including Ellison Bakery (2020), Wheat Montana (2021), Ever Fresh Fruit Company (2023), and the Universal Pure sale (2022).
• Harris WilliamssupportingImplementation/ SI/ Consulting Partner · 8 July 2025Harris Williams acted as the exclusive financial advisor to Caputo Cheese in connection with its sale to Tilia Holdings in 2025.
• Houlihan Lokey Capital, Inc.supportingImplementation/ SI/ Consulting Partner · 21 August 2024Houlihan Lokey Capital, Inc. served as one of the financial advisors to Tilia along with Rothschild & Company in connection with the sale of Ellison Bakery to QualiTech/MidOcean in August 2024.
• Rothschild & CompanysupportingImplementation/ SI/ Consulting Partner · 21 August 2024Rothschild & Company served as financial advisor to Tilia alongside Houlihan Lokey in the sale of Ellison Bakery to QualiTech/MidOcean in August 2024.
• Cascadia Capital LLCsupportingImplementation/ SI/ Consulting Partner · 17 November 2023Cascadia Capital LLC served as exclusive financial advisor to Ever Fresh Fruit Company in connection with Tilia's majority recapitalization in November 2023.
• Davis Wright Tremaine LLPsupportingImplementation/ SI/ Consulting Partner · 17 November 2023Davis Wright Tremaine LLP served as legal counsel to Ever Fresh Fruit Company in connection with the Tilia recapitalization in November 2023.
• Jonathan D. Hook (Senior Advisor)supportingOthers · 26 June 2023Jonathan Hook joined Tilia as a Senior Advisor in June 2023. He previously served as Chief Investment Officer at The Harry and Jeanette Weinberg Foundation ($3.4B portfolio), and previously established investment offices at Ohio State University and Baylor University. He has been an investor with Tilia since its inception.
• Margaret M. Mueller, Ph.D. (Operating Partner & Chief Growth Officer)coreOthers · 22 June 2023Margaret Mueller joined Tilia as an Operating Partner and serves as Chief Growth Officer, leading the Tilia Innovation Collaboratory. Previously CEO of The Executives' Club of Chicago and founder of CarbonSix, she brings expertise in social sciences, executive leadership, and customer-driven innovation.
• William Blair & Company LLCsupportingImplementation/ SI/ Consulting Partner · 2 November 2022William Blair & Company LLC served as financial advisor alongside Houlihan Lokey Capital, Inc. to Tilia in connection with the sale of Universal Pure to Aurora Capital Partners in 2022.
• Mayer Brown LLPsupportingImplementation/ SI/ Consulting Partner · 2 November 2022Mayer Brown LLP served as legal advisor to Tilia in connection with the sale of Universal Pure to Aurora Capital Partners in 2022.
• Jim Miller (Operating Partner)supportingOthers · 23 October 2020Jim Miller joined Tilia as an Operating Partner in October 2020. Previously President at Mérieux NutriSciences North America (global leader in food safety and quality solutions) and held roles at Tate & Lyle for 22 years in sales, marketing, and product management. Brings nearly 30 years of food industry experience.
• Kathleen Quinn (Operating Partner)supportingOthers · 23 October 2020Kathleen Quinn joined Tilia as an Operating Partner in October 2020. Previously CFO of Ornua North America (Kerrygold) for eight years and has consulted for growing food companies. Brings deep accounting and finance experience in the food industry.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Promus Equity Partners: Lower middle-market private equity firm focused on food, consumer, and services companies in the $25–150M EV range. Directly comparable: sold Caputo Cheese to Tilia in 2025 (i.e., operates in the same deal pool and exit universe).
• MidOcean Partners: Middle-market private equity firm with a meaningful food/consumer/value-added industrials franchise. Acquired Tilia's Ellison Bakery via portfolio company QualiTech in 2024, evidencing overlapping food-supply-chain deal coverage and similar hold/exit profile.
• Sun Capital Partners: Lower middle-market PE firm with a long-standing specialization in food, consumer, and industrial businesses. Directly comparable buy-and-build operator targeting companies in similar EV ranges to Tilia's portfolio.
• Swander Pace Capital: Consumer-products and food-focused middle-market PE firm that invests in branded food, beverage, and ingredient companies. Direct overlap with Tilia in food ingredients and packaged-goods services.
• Arbor Investments: Dedicated food-and-beverage middle-market private equity firm. Among the closest thematic comparables to Tilia given its sector-exclusive focus and food-services/ingredients mandate.
• Encore Consumer Capital: Lower middle-market consumer-products PE firm with deep food, beverage, and personal-care focus. Comparable deal size, sourcing channels, and value-creation playbook to Tilia's portfolio.
• Aurora Capital Partners: Middle-market PE firm with a substantial food/consumer practice. Acquired Tilia portfolio company Universal Pure in October 2022, demonstrating overlap in food-safety, cold-chain, and ingredient services deal flow.
• Wind Point Partners: Middle-market private equity firm with significant activity in food, ingredients, and consumer services. Comparable fund size, control-investment approach, and food-supply-chain exposure.
• New Harbor Capital: Lower middle-market PE firm investing across consumer, industrial, and business-services verticals, including foodservice. Relevant comp given portfolio overlap and former employer of Tilia VP Cole Spruyt.

Broad incumbents

• Linden Capital Partners: Healthcare-focused middle-market PE firm co-founded by Tilia Co-Founder/Co-CEO Eric Larson. Comparable sector-specialist PE business model, even though its primary focus (healthcare) differs from Tilia's food-supply-chain focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/tiliaholdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tilia Holdings