GREENWICH, Conn., Feb. 21, 2017 /PRNewswire/ -- Brynwood
Partners VI L.P. announced today that it has signed a definitive
agreement to sell Lightlife Foods, Inc. to Maple Leaf Foods Inc.
for $140 million. The
transaction, which is expected to close in March, is subject to
customary U.S. regulatory review.
Headquartered in Braintree, MA
with a manufacturing facility in Turners
Falls, MA, Lightlife was founded in 1979 and today is a
leading U.S. manufacturer and marketer in the alternative protein
category. Lightlife is the leading brand in the fast growing
plant-based protein space and is distributed predominantly in the
refrigerated space in U.S. retail stores. Since the company's
acquisition by Brynwood VI from ConAgra Foods in 2013, Lightlife
has significantly expanded its sales, production and profitability
and is well known for its high-quality, great-tasting products.
Lightlife employs approximately 100 people.
"We are pleased to announce the sale of Lightlife to
publicly-traded Maple Leaf Foods, a leading consumer packaged
protein company," said Hendrik J. Hartong
III, Chairman and CEO of Brynwood Partners. "The sale
of Lightlife to a high-caliber strategic buyer like Maple Leaf
Foods is an excellent outcome for Brynwood. We acquired
Lightlife from ConAgra Foods and the sale to Maple Leaf Foods
reaffirms our position as the leading lower middle market buyout
firm for corporate carve outs. Lightlife has a strong
management team and state-of-the-art manufacturing facility.
We are confident that Maple Leaf Foods will be able to
continue to invest in and grow the business."
"We are grateful to all of the employees of Lightlife for their
dedication to the business," said Ian
MacTaggart, President and COO of Brynwood Partners.
"We wish them and Maple Leaf Foods continued success."
Piper Jaffray & Co. served as
the investment advisor to Lightlife and Locke Lord LLP provided
legal counsel. Maple Leaf Foods was advised by Centerview
Partners, Blake, Cassels & Graydon LLP and Ropes & Gray
LLP.
About Brynwood Partners:
Founded in 1984, Brynwood Partners is an operationally-focused
private equity firm that makes control investments in North America-based lower middle market
companies in the consumer sector.
Brynwood Partners currently manages more than $725 million of private equity capital for
limited partners, which include U.S. and international pension
funds, fund-of-funds, endowments, high net worth
family investment offices and financial institutions. For
more information on Brynwood Partners, please visit
www.brynwoodpartners.com.
About Lightlife Foods, Inc.:
Headquartered in Braintree, MA
with a manufacturing facility in Turners
Falls, MA, Lightlife was founded in 1979 and today is a
leading U.S. manufacturer and marketer in the alternative protein
category. Lightlife is the leading brand in the fast-growing
plant-protein space and is distributed predominantly in the
refrigerated space in U.S. retail stores. The company was
acquired by Brynwood VI from ConAgra Foods in 2013.
Lightlife's product line includes soy-based hot dogs,
burgers, sausage, tempeh and jerky, among other products. For
more information on Lightlife, please visit www.lightlife.com.
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SOURCE Brynwood Partners