DeMet's Acquires TrueNorth Brand from Frito-Lay
Adding nut snack lines to its product mix
STAMFORD, Conn. -- DeMet's Candy Co. has announced that it has completed the acquisition of the TrueNorth nut snack brand from Frito-Lay North America, a division of Pepsico Inc. DeMet's will merge TrueNorth into its existing portfolio of confectionary products that includes DeMet's Turtles, DeMet'sFlipz, DeMet's Treasures and DeMet'sStixx.
TrueNorth snacks are available in three varieties--nut clusters (pecan almond peanut and toasted almond), nut crisps (pistachio and almond) and whole nuts (almonds, pistachios, walnuts and pecans).
DeMet's is majority owned by [image-nocss] the Greenwich, Conn.-based private-equity fund, Brynwood Partners V LP.
"DeMet's is pleased to welcome the TrueNorth products to its family of brands," said David D. Clarke, president and CEO of DeMet's. "These high-quality, all-natural products will provide DeMet's with many new avenues for growth and innovation both in market segments that TrueNorth presently competes in as well as in new ones."
Hendrik J. Hartong III, chairman of DeMet's and senior managing partner of Brynwood Partners, added, "We are very pleased to have completed our first transaction with Pepsico. We remain very active investors in the food sector, and we are excited to add the TrueNorth brand to our successful investment in DeMet's."
Formed in 2007, DeMet's is a leading manufacturer and marketer of chocolate confectionary products. The company is headquartered in Stamford, Conn., and operates company-owned manufacturing facilities in Big Flats, N.Y., and Mohnton, Pa.
Founded in 1984, 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 following sectors: consumer products, light manufacturing with low-capital intensity, service businesses and specialty retailing. 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.