February 21 2017
Brynwood Partners VI L.P. to Sell Lightlife Foods, Inc. to Maple Leaf Foods Inc.
GREENWICH, CT — February 21, 2017 — 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.