C.H. Guenther & Son Inc., San Antonio’s oldest, still-operating family business, has been snapped up by PPC Partners, a subsidiary of Pritzker Group. The Chicago-headquartered buyer didn’t release a sales price, however, a company shareholder said the transaction was valued at as much as $1.4 billion.

The acquired company is the parent firm of the Pioneer Flour Mills, and owns the Guenther House restaurant and museum. The company’s headquarters will remain in San Antonio.

The company was founded in 1851 by German immigrant Carl Guenther, and produces dry and frozen-grain food products for the retail and food-services industries under labels such as Pioneer, White Wings, Sun Bird and Morrison. Shareholders voted in March 2018 to sell the company after about two years of discussions with Pritzker Group, the shareholder said.

PPC Partners was launched to acquire middle-market companies.

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