GREENWICH, CT — May 7, 2013 — Brynwood Partners V L.P. announced today that its portfolio company, DeMet’s Candy Company, has sold the TrueNorth® brand and selected assets to B&G Foods, Inc. Terms and conditions of the transaction, which closed yesterday, were not disclosed.
TrueNorth is a leader in the better-for-you snack category. TrueNorth is a nationally distributed premium snack nut brand that DeMet’s acquired from Frito-Lay North America, a division of PepsiCo, Inc., in 2010. Under its ownership, DeMet’s introduced new TrueNorth flavor varieties to leading customers in the club, mass and food retail channels.
“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.
“We are pleased to announce the divestiture of TrueNorth,” said Hendrik J. Hartong III, Chairman, DeMet’s and Senior Managing Partner, Brynwood Partners. “We wish B&GFoods much success with this terrific brand. It has been a pleasure working with the B&GFoods team and we are excited to have completed our first transaction with them.”
Houlihan Lokey Capital, Inc. served as the investment banking advisor to DeMet’s.
About Brynwood Partners:Founded in 1984 and headquartered in Greenwich, CT, Brynwood Partners is an operationally-focused private equity fund that makes control investments in lower middle market companies. Brynwood Partners targets companies operating in the consumer sector where it can leverage the operational expertise of its managing partners to create shareholder value.
Brynwood Partners is currently managing over $500 million of private equity capital for its limited partners who 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 DeMet’s Candy Company:Formed in 2007 and majority owned by Brynwood Partners V L.P., DeMet's is a leading manufacturer and marketer of chocolate confectionary products including Turtles, Flipz and Treasures. Headquartered in Stamford, CT, the company owns manufacturing facilities in Big Flats, NY and Mohnton, PA. For more information on DeMet's please visit www.demetscandy.com.