GREENWICH, Conn., Aug. 20, 2017 /PRNewswire/ -- Brynwood Partners
VI L.P. ("Brynwood VI") announced today that it has signed a
definitive agreement to sell Back to Nature Foods Company, LLC to
B&G Foods, Inc. for approximately $162.5
million in cash, subject to customary closing and
post-closing working capital adjustments. The transaction,
which is expected to close in the third quarter, is subject to
customary closing conditions, including the receipt of regulatory
approvals.
Brynwood VI and Mondelēz International, Inc. formed the Back to
Nature joint venture in 2012 through an innovative structure,
whereby Brynwood VI acquired operating control while Mondelēz
International retained a minority position in the newly established
company. In 2013, Mondelēz International contributed the
SnackWell's brand to the joint venture. Back to Nature is a
leading independent better-for-you snacking brand.
SnackWell's was launched in the early 1990s as one of the
original brands in the low-fat cookies and crackers
categories. Since entering into this unique joint venture
arrangement, the company has significantly expanded its sales and
profitability through product innovation, expanded distribution and
operational improvements.
"We are delighted to announce the sale of Back to Nature to
B&G Foods, a leading publicly traded packaged foods company,"
said Hendrik Hartong III, Chairman
and CEO of Brynwood Partners. "We are very pleased with the
outcome of this transaction as we achieved a terrific result for
both Brynwood VI and Mondelēz International. We were able to
restore, invigorate and grow the outstanding Back to Nature and
SnackWell's brands and create a strong standalone company that
attracted a prominent strategic buyer in B&G Foods. The
unique joint venture with Mondelēz International showcased Brynwood
Partners' investment and operational strengths in consumer
corporate carve outs. We appreciate the confidence Mondelēz
International has bestowed in our firm and we enjoyed working with
them as a true partner in the joint venture."
"We are grateful to all of the employees of Back to Nature for
their dedication to the business," said Ian
MacTaggart, President and COO of Brynwood Partners and
Chairman of Back to Nature. "We wish B&G Foods and Back
to Nature's management continued success and look forward to
watching them continue to grow the business. The exit
reaffirms Brynwood Partners' position as the leading lower middle
market buyout firm for corporate carve outs in the consumer sector.
We are grateful to Mondelēz International for the support
that they provided to the partnership throughout the
investment."
Houlihan Lokey served as the
investment advisor to Back to Nature and Holland & Knight LLP and Skadden, Arps,
Slate, Meagher & Flom LLP provided legal counsel. Dechert
LLP provided legal counsel to B&G Foods.
About Brynwood Partners:
Brynwood Partners, founded in 1984 and based in Greenwich, CT, 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 Back to Nature Foods Company, LLC:
Headquartered in Naples, FL,
Back to Nature is the owner of the Back to Nature and SnackWell's
brands. The Back to Nature brand was founded in 1960 and
today is a leading independent better-for-you snacking brand.
The SnackWell's brand was launched by Nabisco, Inc. in 1992
as a line of reduced-fat and fat-free cookies and crackers.
Brynwood VI and Mondelēz International, Inc. formed the Back
to Nature joint venture in 2012 through an innovative structure,
whereby Brynwood VI acquired operating control while Mondelēz
International retained a minority position in the newly established
company. In 2013, Mondelēz International contributed the
SnackWell's brand to the joint venture. The Back to Nature
and SnackWell's products are widely distributed in the grocery,
natural, club, mass and other channels. For more information,
please visit www.backtonaturefoods.com or www.snackwells.com.
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SOURCE Brynwood Partners