GREENWICH, Conn.-- Brynwood VI and Mondelez International will sell Back to Nature Foods Co. LLC, Naples, Fla., to B&G Foods Inc. for $162.5 million. B&G Foods, Parsippany-Troy Hills, N.J., is home to several prominent c-store snack brands such as Ortega, Pirate Brands and more.
Brynwood VI and Mondelez, East Hanover, N.J., formed the Back to Nature joint venture in 2012. Brynwood VI, a subsidiary of private-equity firm Brynwood Partners, Greenwich, Conn., maintained operating control, while Mondelez held a minority position. In 2013, Mondelez sold controlling interest in the SnackWell's brand to Brynwood Partners to help revive the low-fat cookie brand. Today, both brands earn about $80 million in annual sales. Convenience-store products under the Back to Nature Foods umbrella include cookies, cake, pretzels, popcorn, nuts and trail mix, granola and juices.
Brynwood Chairman and CEO Hendrik Hartong III told the Wall Street Journal that smaller brands, such as Back to Nature and SnackWell's, that are part of a larger parent company can benefit from sales such as this recent deal announced Aug. 20. He expects the smaller B&G Foods to be able to devote added attention to the expansion of the brands. B&G's sales were about $1.4 billion last year, while Mondelez earned $26 billion.
"We are grateful to all of the employees of Back to Nature for their dedication to the business," said Ian MacTaggart, president and COO of Brynwood Partners and chairman of Back to Nature. "We wish B&G Foods and Back to Nature's management continued success and look forward to watching them continue to grow the business. ... We are grateful to Mondelez International for the support that they provided to the partnership throughout the investment."
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