Brynwood Partners has agreed to sell Lightlife Foods to Maple Leaf Foods Inc for $140 million. Piper Jaffray & Co. served as the investment adviser to Lightlife while Centerview Partners advised Maple Leaf Foods. Based in Braintree, Massachusetts, Lightlife is a maker of alternative protein foods.
GREENWICH, CT — February 21, 2017 — Brynwood Partners VI L.P. announced today that it has signed a definitive agreement to sell Lightlife Foods, Inc. to Maple Leaf Foods Inc. for $140 million. The transaction, which is expected to close in March, is subject to customary U.S. regulatory review.
Headquartered in Braintree, MA with a manufacturing facility in Turners Falls, MA, Lightlife was founded in 1979 and today is a leading U.S. manufacturer and marketer in the alternative protein category. Lightlife is the leading brand in the fast growing plant-based protein space and is distributed predominantly in the refrigerated space in U.S. retail stores.
Since the company’s acquisition by Brynwood VI from ConAgra Foods in 2013, Lightlife has significantly expanded its sales, production and profitability and is well known for its high quality, great-tasting products. Lightlife employs approximately 100 people.
“We are pleased to announce the sale of Lightlife to publicly-traded Maple Leaf Foods, a leading consumer packaged protein company,” said Hendrik J. Hartong III, Chairman and CEO of Brynwood Partners. “The sale of Lightlife to a high-caliber strategic buyer like Maple Leaf Foods is an excellent outcome for Brynwood. We acquired Lightlife from ConAgra Foods and the sale to Maple Leaf Foods reaffirms our position as the leading lower middle market buyout firm for corporate carve outs. Lightlife has a strong management team and state-of-the-art manufacturing facility. We are confident that Maple Leaf Foods will be able to continue to invest in and grow the business.”
“We are grateful to all of the employees of Lightlife for their dedication to the business,” said Ian MacTaggart, President and COO of Brynwood Partners. “We wish them and Maple Leaf Foods continued success.”
Piper Jaffray & Co. served as the investment advisor to Lightlife and Locke Lord LLP provided legal counsel. Maple Leaf Foods was advised by Centerview Partners, Blake, Cassels & Graydon LLP and Ropes & Gray LLP.