Goldman Sachs, Vestar sell Hearthside to Charlesbank and Partners Group

Goldman Sachs and Vestar Capital have closed the sale of Downers Grove, Illinois-based Hearthside Food Solutions, a producer of grain-based food and snack products for top brands. The buyers are Charlesbank Capital Partners and Partners Group. No financial terms were disclosed. Davis Polk & Wardwell LLP provided legal advice to Goldman Sachs and Vestar on the deal.

Correction: A previous version of this report contained an incorrect headline. The report has been updated.

PRESS RELEASE

NEW YORK, NY – May 24, 2018 – Goldman Sachs and Vestar Capital Partners announced that they have closed the sale of Hearthside Food Solutions. The transaction was initially announced on April 17, 2018. Terms were not disclosed.
Hearthside Food Solutions is the nation’s largest and fastest-growing independent bakery and a full-service contract manufacturer of high quality, grain-based food and snack products for many of the world’s leading premier brands. Hearthside offers a diverse product portfolio, including nutrition bars, snack bars, cookies, crackers, and other grain-based snacks. The company manufactures its products across a network of 25 facilities in the United States and Europe.
Davis Polk & Wardwell LLP acted as the legal advisor to Goldman Sachs and Vestar in this transaction. Barclays and Goldman Sachs served as the financial advisors for the transaction.

About Hearthside Food Solutions
Hearthside Food Solutions, headquartered in Downers Grove, Illinois, is the leading bakery, nutrition bar and snack supplier of choice to premier food companies. Hearthside currently operates 25 food-manufacturing facilities, including three in Europe. In 2014, Hearthside was acquired by the Merchant Banking Division of Goldman Sachs and Vestar Capital Partners. For more information on Hearthside Food Solutions, visit www.hearthsidefoods.com.

About Goldman Sachs
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs MBD is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $185 billion of levered capital across a number of geographies, industries and transaction types.

About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business Services & Industrial Products.

Since its founding in 1988, Vestar funds have completed more than 80 investments in companies – as well as more than 200 add-on acquisitions – with a total value of approximately $50 billion. For more information, please visit www.vestarcapital.com.