January 30 2006
Brynwood Partners V L.P. closes Stella D’oro transaction and appoints new leadership
Bronx, NY - January 30, 2006 - Brynwood Partners V, LP today announced that it has completed the acquisition of the Stella D'oro® business from Kraft Foods Global, Inc. (NYSE:KFT). Brynwood will begin to operate the company as the Stella D'oro Company with its corporate office based at the Bronx, NY manufacturing facility. Brynwood will be working with Kraft through a transition services agreement to ensure an orderly transition of the business.
Brynwood also announced the appointment of two top executives to Stella D'oro. John Dowers has been named President and Chief Executive Officer. Mr. Dowers was most recently the President and Chief Executive Officer of Utrecht Art Supply, a Brynwood portfolio company. Prior to joining Utrecht, Mr. Dowers was the Executive Vice President of Sales and Marketing at JB Williams Company also a Brynwood portfolio company which was divested in 2002.
Dan Myers has been appointed as Stella D'oro's Chief Operating Officer. Mr. Myers was Executive Vice President of Operations for Signature Snacks Company, a Brynwood portfolio company. Prior to joining Signature, Mr. Myers was the Vice President of Operations for the Bachman Company.
"I am pleased that we have been able to attract two talented executives in John and Dan to lead the revitalization of the famous Stella D'oro brand," said Henk Hartong III Managing Partner, Brynwood Partners. "We are confident, having worked with both of these individuals in previous assignments, that they will be able to provide the leadership and initiative to grow the Stella D'oro business in the years to come."
"I am delighted to be entrusted with the task of running the great Stella D'oro Company and look forward to working with our employees, customers and vendors to grow and invigorate the business," said John Dowers, Stella D'oro President and Chief Executive Officer.
Stella D'oro is a leading manufacturer of cookies, breakfast treats, biscotti and breadsticks. Stella D'oro is distributed through grocery stores, supermarkets, drug stores, specialty food stores and other retail locations. Stella D'oro is located at 184 West 237th Street, Bronx, NY, 10463.
Founded in 1984, Brynwood Partners is a private equity fund which invests in lower middle market companies over a long-term horizon targeting consumer products, light industrial manufacturing, specialty retailing and business services. The principals of Brynwood have made investments in 18 portfolio companies and have successfully partnered with management and owners who want to continue to run their businesses but need the financial and operating partner support Brynwood uniquely provides.