Spell Capital Partners has acquired Pearson’s Candy Company from Brynwood Partners which acquired the company in August 2011.
Pearson’s candy is a confections manufacturer and has been making candy since 1909. The company manufactures and markets iconic brands including the Salted Nut Roll, Mint Patties, Bit-O-Honey, Nut Goodies and Bun Bars.
Pearson’s was ranked as the 42nd largest candy company in North America with revenue of $89 million in 2018 by Candy Industry Magazine. The company has 225 employees and one manufacturing facility in St. Paul, MN (www.pearsonscandy.com).
“We are very pleased with Spell’s purchase of Pearson’s,” said Michael Keller, President and CEO of Pearson’s. “Spell will be a terrific partner and owner for Pearson’s because they understand both manufacturing and the importance of Pearson’s and its brands to the community, to customers and to our trading partners in Minnesota, the upper Midwest and around the country.”
“Spell Capital and the significant number of Minnesota-based investors who we represent are excited to have the opportunity to own and invest in an historic Minnesota company like Pearson’s,” said Bill Spell, President of Spell Capital. “At Spell, we have a passion for and an extensive interest in manufacturing-based business and we see meaningful opportunities for improvement and growth at Pearson’s.”
Spell Capital Partners makes control investments of $3 million to $15 million in manufacturing companies with revenues of at least $5 million and EBITDAs of at least $1 million. The firm, through Spell Capital Mezzanine, will also make subordinated debt investments of $3 million to $10 million in companies with EBITDAs of at least $2 million. The firm is based in Minneapolis (www.spellcapital.com).
© 2018 Private Equity Professional | November 29, 2018