Maytag Dairy Farms purchased by investment firm

The longtime family owners of the Newton-based Maytag Dairy Farms have decided to sell the company to private equity fund manager Midwest Growth Partners, which intends to generate "capital resources" to the Iowa craft cheese producer and ensure “the continued success of the company.”

Although specific terms of the partnership were not disclosed in the Feb. 1 press release from the West Des Moines firm, all employees of Maytag Dairy Farms have been retained through Midwest Growth Partners’ investment into the more than 78-year-old business.

Fritz Maytag, former chairman of Maytag Dairy Farms, said in the press release, “It was extremely important to partner with fellow Iowans whose values align with our own, and who will continue to carry on our passion for our customers, our products and the people who create them. The Midwest Growth Partners team shares our vision for the future of the company, and we’re confident the operations will be in good hands well into the future.”

Midwest Growth Partners has identified a number of key initiatives to accomplish through its partnership with Maytag Dairy Farms, which include expanding the producer’s “state-of-the-art production facilities, exploring ancillary products and industries and bolstering sales and marketing efforts,” the release stated.

For the past 50 years, Maytag Dairy Farms has been under the leadership of Fritz Maytag and other relatives, continuing the company’s family-run tradition first instilled when Frederick Louis Maytag II and Robert Maytag assumed ownership of father E.H. Maytag’s dairy farm upon his death in 1940.

Fritz Maytag and nephew John Dannerbeck, former chairman of the Maytag Dairy Farm Board of Directors and treasurer, will retain their two seats on the company board, remain involved with the company following the investment and help ensure a smooth transition to preserve Maytag Dairy Farm’s “legacy of quality and care.”

Another prominent collaboration — this time between Maytag Dairy Farms and Iowa State University — led to the business creating “a uniquely American blue cheese” made from cow’s milk and was said to be able to compete with classic European cheeses. Production of Maytag Blue cheese began in 1941.

Maytag Dairy Farms’ partnership Midwest Growth Partners’ co-founders and managing partners John Mickelson and Mike Taylor “goes back several years,” the release said, when Maytag family members decided it was time to build a partnership with an outside source. The leadership team’s collective first choice was Midwest Growth Partners.

“We’re thrilled to be in a position to partner with a company that has such a rich history and strong tradition in the artisan cheese industry,” Mickelson said in the release. “Without a doubt, we’re ready to be excellent stewards of the reputation Maytag Dairy Farms has made for itself, and look forward to what the future holds for this remarkable company.”

Contact Christopher Braunschweig at 641-792-3121 ext. 6560 or cbraunschweig@newtondailynews.com