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Phillips Syrups & Sauces Partners with Kaulig Capital to Expand Operations in the American Coffee Market

October 16, 2020

By Kaulig Capital

WESTLAKE, OHIO—Kaulig Capital, a private investment firm focused on partnering with growth-oriented companies in a diverse spectrum of industries, is pleased to announce a new partnership with Phillips Syrups & Sauces. Located in Westlake, Ohio, Phillips Syrups & Sauces is a long-standing manufacturer of gourmet syrups and unique sauces for the coffee and ice cream industries.

Kaulig Capital envisions building upon the rich history of the Phillips Syrups & Sauces brand to increase its growth and nationwide presence in the marketplace. The investment further strengthens Kaulig Capital’s existing consumer products partnerships, which include Leaf Home Solutions in Hudson, Ohio, Remington Products Company in Wadsworth, Ohio, and Hyperice, Inc. based in Irvine, California.

“This was an investment opportunity that we could not pass up,” said Dominic Brault, Managing Director, Kaulig Capital. “Phillips is a local company we know has incredible potential to grow in the industry and create exciting new possibilities.”

Founded in 1921, Phillips developed and produced its original orange syrup, eventually expanding its offerings to hundreds of gourmet syrups, sauces, and toppings. With a renewed focus on the coffee industry, they partner with industry leaders to develop quality syrups, flavoring, and unique opportunities.

Phillips has 24 employees, with plans to expand operations and create new job opportunities across the region. Additionally, the company seeks to increase partnerships with coffee houses across the county to expand its nationwide footprint.

Tim Clepper, President of Kaulig Capital stated, “One of our primary goals is to invest in local consumer products companies that are primed for growth and ready to create jobs for Ohioans. We’re not coming into this partnership looking to make changes; we’re here to add economic muscle to a beloved company.”

Five years ago, Terry and Karen Mitchell purchased Phillips Syrups & Sauces. Terry Mitchell was previously the president of The Harry London Chocolate company in North Canton, Ohio.

“In a time when so many businesses are struggling, we want to see Northeast Ohio’s economy moving forward. Our Founder and Chairman, Matt Kaulig, is passionate about coming alongside strong companies like Phillips; we want to show the world that Northeast Ohio is open for business,” Brault added.

“We’re proud to partner with Kaulig Capital and grateful for their support and desire to see our local economy grow,” said Terry Mitchell, President and Owner of Phillips Syrups & Sauces. “Our company has always had a proud history, and we’re excited to see how we can build on that moving into the future.”

“We are honored to partner with Terry and Karen Mitchell, and the entire Phillips team as we work together to accelerate the next phase of growth,” said Brault. “Phillips has built an exceptional team culture that combined with multiple growth opportunities to expand products, enter new channels and markets, and to invest in digital and analytics capabilities, make this an exciting partnership for Kaulig.”

About Phillips Syrups & Sauces
For over 90 years, Phillips Syrups & Sauces has been making gourmet syrups, sauces, and toppings for customers worldwide. Its goal is to translate consumer needs and to change taste trends into satisfying products. Phillips handcrafts quality products in small batches using only the finest ingredients. Its product development team specializes in co-crafting to create custom blends to meet any customer’s needs. www.phillipssyrup.com

About Kaulig Capital
Kaulig Capital is the private investment firm of Kaulig Companies Limited, a single-member family office for Mr. Matt Kaulig and his immediate family. It operates brands across a diverse spectrum of businesses, including sports, media, technology, and financial services. Philanthropy, with a focus on children and community, is also a cornerstone of the Firm. Several brands managed by the family office include but are not limited to Kaulig Capital, Ellsworth Advisors, Kaulig Racing, Kaulig Giving, Kaulig Media & LeafFilter. www.kauligcompanies.com

For Additional Information
Press Contacts:

For Kaulig Capital:
Dominic Brault, Managing Director, Kaulig Capital, dom@kauligcapital.com

For Phillips Syrups & Sauces:
Karen Mitchell, kmitchell@phillipssyrup.com