Stout Advised Brazi Bites on Its Sale to Midwest Growth Partners

Stout has advised Brazi Bites, LLC (“Brazi Bites” or the “Company”), a portfolio company of San Francisco Equity Partners (“SFEP”), on its sale to Midwest Growth Partners (“MGP”). Stout served as exclusive financial advisor to Brazi Bites in connection with the transaction, which closed in August 2026.

Founded in 2010 and headquartered in Portland, Oregon, Brazi Bites is a nationally recognized better-for-you frozen-food brand known for its bold flavors, naturally gluten-free products, and clean ingredients. The Company’s flagship Brazilian Cheese Bread is inspired by traditional Brazilian pão de queijo and made with tapioca flour and real cheese, complemented by a rapidly growing line of protein-packed, gluten-free waffles. Brazi Bites has established broad distribution across club, conventional, and natural retail channels, supported by strong relationships with leading national retailers and significant opportunity for continued expansion.

Midwest Growth Partners is a food-focused private equity firm that partners with entrepreneurial management teams to provide succession liquidity and growth capital across the food and agriculture value chain. MGP brings experience across agriculture, food manufacturing, private label, co-manufactured, and branded products, supporting portfolio companies through operational expertise, channel expansion, product innovation, and strategic M&A. The firm takes a collaborative approach and leverages its industry network to help management teams accelerate growth.

“This is an exciting next chapter for Brazi Bites,” said Mike Guanella, CEO of Brazi Bites. “We have built a unique, differentiated brand around great-tasting products that consumers love. We see tremendous opportunity to introduce Brazi Bites to even more households in this next phase of growth and to expand our distribution and continue innovating across our portfolio. I would like to thank Stout’s Consumer team for their invaluable advice and guidance throughout the process.”

Dan Gomez, Managing Director and Head of Consumer Investment Banking, and Stephen Scharafin, Managing Director, led the transaction. Gomez commented, “Brazi Bites is a truly differentiated consumer brand with a category-defining core product, strong consumer loyalty, impressive retail momentum, and significant runway. We are excited for Brazi Bites management as they continue executing the Company’s growth plan with MGP, and we are proud to have partnered with Mike and the entire San Francisco Equity Partners team on this transaction.”

Stout’s Dan Gomez, Stephen Scharafin, Parker Reno, Josh Gross, and Garet Long executed the transaction.

Cooley LLP served as legal counsel to Brazi Bites, and Faegre Drinker Biddle & Reath LLP served as legal counsel to Midwest Growth Partners.