“The divestiture of the TrueNorth brand allows DeMet’s to focus on its core confectionary products including Turtles chocolate-caramel nut clusters, Flipz chocolate covered pretzels and Treasures filled chocolates,” said Peter Wilson, Vice Chairman of DeMet’s.
TrueNorth is a nationally distributed premium snack nut brand that DeMet’s acquired from Frito-Lay North America, a division of PepsiCo, in 2010 (www.truenorthsnacks.com).
“We are pleased to announce the divestiture of TrueNorth,” said Hendrik Hartong III, Chairman, DeMet’s and Senior Managing Partner, Brynwood Partners. “We wish B&G Foods much success with this terrific brand. It has been a pleasure working with the B&G Foods team and we are excited to have completed our first transaction with them.”
DeMet’s Candy Company is a manufacturer and marketer of chocolate confectionary products including Turtles, Flipz and Treasures. Brynwood Partners formed DeMet’s Candy Company in June 2007 to acquire the Turtles® confectionery brand from Nestlé USA. The company owns manufacturing facilities in Big Flats, NY and Mohnton, PA and is headquartered in Stamford, CT (www.demetscandy.com).
B&G Foods (NYSE: BGS) manufactures, sells and distributes a portfolio of branded shelf-stable foods across the United States, Canada and Puerto Rico. Brands include, among others, Ac’cent, Baker’s Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Mrs. Dash, Ortega, Red Devil, and Sugar Twin. B&G Foods also sells and distributes two branded household products, Static Guard and Kleen Guard. The company is based in Parsippany, NJ (www.bgfoods.com).
Brynwood Partners is an operationally-focused private equity firm that makes control investments in lower middle market companies. Sectors of interest include consumer products, light manufacturing with low capital intensity, and business services. Brynwood Partners has $500 million of capital under management. The firm was founded in 1984 and is based in Greenwich, CT (www.brynwoodpartners.com).
Houlihan Lokey Capital served as the investment banking advisor to DeMet’s Candy Company.
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-8-13