Swander Pace Capital has acquired Voortman Cookies, a maker and marketer of cookies and wafers.
Voortman makes more than 60 varieties of cookies and wafers, including a line of sugar-free/no sugar added products. The company’s products are sold in supermarkets across Canada, the United States, Puerto Rico, and in 70 other countries worldwide. Voortman Cookies was founded in 1951 by its CEO and co-founder Harry Voortman and is headquartered south west of Toronto in Burlington, ON (www.voortman.com).
“For over 60 years, Voortman Cookies has remained one of the most well-known brands in Canada and has grown its footprint throughout North America and across the world,” said Andrew Richards, managing director at Swander Pace Capital. “We see a huge opportunity to help the company expand even further through increased investment in product innovation, distribution and marketing.”
Coinciding with the acquisition by Swander Pace Capital, Harry Voortman will transition his role as CEO to Douglas MacFarlane, a former senior executive at Clorox, Maple Leaf Foods, and Pillsbury. Mr. McFarlane has extensive experience growing food and consumer products brands.
“I want to thank Harry for the warm welcome and support that he has offered me as part of this transition,” said Mr. MacFarlane. “I am excited to continue his longstanding tradition of quality products and market leadership. It is an exciting time for Voortman Cookies, and I look forward to working with our incredible team and a seasoned strategic and financial partner to enhance our innovation and seize the opportunities in front of us.”
Swander Pace invests in middle-market consumer products companies including branded and non-branded manufacturers, marketers, and distributors that sell through a range of retail and institutional channels. The firm generally targets companies that have up to $400 million in revenues. The firm has raised over $1.3 billion of equity capital through five private equity funds and has led investments in more than 40 consumer products companies. Swander Pace was founded in 1996 and has offices in San Francisco; Bedminster, NJ; and near Toronto in Oakville, ON (www.spcap.com).
“We couldn’t be more proud to partner with a company like Voortman and its incredible family legacy of great products and devoted customers,” said Heather Smith Thorne, a Director at Swander Pace Capital. “Harry Voortman has built a tremendous business with fantastic prospects, and we are excited to help the company in its next chapter of growth.”
Deloitte Corporate Finance Canada (www.investmentbanking.deloitte.com) served as the financial advisor to Voortman Cookies and McCarter Grespan (www.mgbwlaw.com) served as the company’s legal advisor. Stikeman Elliott (www.stikeman.com) was the legal advisor to Swander Pace Capital.
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-14-15
