Blue Point Capital Partners exits JTM Foods

Blue Point Capital Partners said Monday that it has divested its stake in JTM Foods. No financial terms were disclosed. Based in Erie, Penn., JTM is a maker of snack foods.

PRESS RELEASE

CLEVELAND, OH–(Marketwired – September 29, 2014) – Blue Point Capital Partners announced today that the firm has sold its interest in JTM Foods, LLC. Blue Point invested in JTM from its 2006 vintage fund, Blue Point Capital Partners II, L.P. — a $400 million lower middle-market buyout fund. Sale terms were not disclosed.

Headquartered in Erie, PA, JTM is a leading manufacturer of branded and private label snack foods. Selling directly to retailers and distributors under the JJ’s Bakery brand and through co-packing arrangements with other food producers, the Company’s product offerings include snack pies and marshmallow crispy treats. Across the United States, JTM’s products are available through various segments of the retail food market, such as grocery stores, convenience stores, drug stores and value grocers.

“Since acquiring JTM in early 2011, Blue Point, Executive Chairman Angelo Fraggos and JTM have benefited from a rewarding and enriching partnership together,” said John LeMay, a partner with Blue Point. “Working with Angelo, we expanded the leadership team, strengthened various components of the Company’s infrastructure and internal resources, implemented new sizing and flavor options for the JJ’s Bakery pie line, and accomplished a rebranding initiative. We are delighted with the outcome of our collaboration together and are pleased that Blue Point had the opportunity to contribute to JTM’s successful twenty-eight-year history as a snack food provider.”

Fraggos added, “JTM offers delicious products at affordable prices, qualities that do not always go hand in hand with each other in the snack food industry. Under Blue Point’s operational and strategic guidance, the Company has become the top seller of snack pies within the industry. The value-added tools and resources that Blue Point brought to JTM were integral to the Company’s growth, and we are confident that JTM is now in an ideal position to embark upon a new chapter in its development.”

Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging fully staffed offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. Blue Point has a 24-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.