B&G Foods Acquires TrueNorth Nut Cluster Brand
Sale will allow DeMet's to focus on core Turtles, Flipz, Treasures brands
PARSIPPANY, N.J. -- B&G Foods Inc. has acquired the TrueNorth nut cluster brand from DeMet's Candy Co. effective May 6, 2013. Terms of the transaction were not disclosed.
Brynwood Partners V LP portfolio company 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.
"We are delighted to welcome TrueNorth to the B&G Foods family," said David L. Wenner, president and CEO of B&G Foods. "TrueNorth, which offers a 100% natural snacking experience, is the first addition to our snacks portfolio since we entered the category last October by acquiring the New York Style, Old London, JJ Flats and Devonsheer brands."
Peter Wilson, vice chairman of DeMet's, said, "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."
TrueNorth nut clusters combine freshly roasted nuts, a dash of sea salt and a hint of natural sweetness. Their bite-sized shape makes them ideal for between-meal snacking and on-the-go nourishment. Varieties include Almond Pecan Crunch, Chocolate Nut Crunch and Cashew Crunch.
Greenwich, Conn.-based Brynwood Partners is a private-equity fund that makes control investments in lower-middle-market companies. It targets companies operating in the consumer sector where it can leverage the operational expertise of its managing partners to create shareholder value. It is currently managing more than $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.
Earlier this month, Brynwood Partners portfolio company Pearson Candy Co., St. Paul,, Minn., acquired the Bit-O-Honey confectionery brand from Nestle USA Inc.
Formed in 2007, DeMet's is a leading manufacturer and marketer of chocolate confectionary products including Turtles, Flipz and Treasures. It is based in Stamford, Conn.
Parsippany, N.J.-based B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of branded shelf-stable foods across the United States, Canada and Puerto Rico. It products are marketed under many recognized brands, including Ac'cent, B&G, B&M, Baker's Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril's, Grandma's Molasses, JJ Flats, Joan of Arc, Las Palmas, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Style, Old London, Ortega, Polaner, Red Devil, Regina, Sa-són, Sclafani, Sugar Twin, Trappey's, Underwood, Vermont Maid and Wright's. B&G Foods also sells and distributes two branded household products, Static Guard and Kleen Guard.