Brynwood Partners has acquired North Little Rock, Arkansas-based De Wafelbakkers, a maker of branded, co-manufactured and private label frozen pancakes, waffles and French toast. The seller is The Oklahoma Publishing Company. No financial terms were disclosed.
GREENWICH, Conn., April 5, 2021 /PRNewswire/ — Brynwood Partners VIII L.P. (“Brynwood VIII”) announced today that it has acquired De Wafelbakkers from its current owners, The Oklahoma Publishing Company (“OPUBCO”), a subsidiary of the Anschutz Corporation. Terms and conditions of the deal are not being disclosed.
De Wafelbakkers is a leading manufacturer of branded, co-manufactured and private label frozen pancakes, waffles and French toast in the U.S. The Company’s great-tasting products are sold to grocery and mass retailers, as well as into foodservice outlets nationally. De Wafelbakkers is headquartered in North Little Rock, AR where it operates a 100,000 sq. ft. manufacturing facility. The Company also manufactures products from its 98,000 sq. ft. facility in McDonough, GA. De Wafelbakkers employs approximately 650 people across its two plants and satellite headquarters.
“We are pleased to announce the acquisition of De Wafelbakkers,” said Henk Hartong III, Chairman and CEO of Brynwood Partners. “Brynwood already has a presence in the breakfast category through its dry mix offerings with its Hungry Jack and Arrowhead Mills brands, owned by Brynwood portfolio company Hometown Food Company. We also have extensive experience in the frozen manufacturing space and believe that we can partner with the management team to accelerate performance in the De Wafelbakkers business. The frozen pancake, waffle and French toast market is a growing space and we are excited to be invested in the category with such a significant manufacturing player.”
The De Wafelbakkers acquisition increases Brynwood’s footprint in the food and beverage space. Their portfolio includes Harvest Hill Beverage Company, Carolina Beverage Group, Hometown Food Company, Buitoni Food Company and Great Kitchens Food Company. De Wafelbakkers increases the total Brynwood manufacturing platform to 16 facilities, approximately 4,100 employees and more than $2.2 billion in annual sales.
“On behalf of Brynwood Partners VIII, I would like to express my sincere gratitude to OPUBCO and the Anschutz Corporation for being such great partners to us on this transaction,” said Ian MacTaggart, President, CFO and COO of Brynwood Partners. “We look forward to working closely with the Company’s management team and loyal employees to transition the business to its next phase of growth.”
Brynwood VIII was represented by Holland & Knight on legal matters and did not have investment banking representation. William Blair served as the exclusive advisor to De Wafelbakkers.
About Brynwood Partners:
Brynwood Partners, founded in 1984 and based in Greenwich, CT, is an operationally-focused private equity firm that makes control investments in North American-based lower middle market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector.
Brynwood Partners currently manages more than $1 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, foundations, high net worth family investment offices and financial institutions. For more information on Brynwood Partners, please visit www.brynwoodpartners.com.