Sun Capital Partners is in talks to sell weight-loss bar maker Elan Nutrition to ConAgra, according to an FTC filing. No financial information was disclosed, and a source says that the deal is not yet finalized.
Sun sponsored a leveraged buyout of Elan Nutrition — then known as Five Star Brands — back in May 2003. The turnaround firm’s initial outlay was around $18 million, including funds for capacity improvements that enabled Elan to begin producing upwards of 300 million bars
Grand Rapids, Mich.-based Elan currently makes private-label nutrition bars for meals and snacks, diet and weight management and sports nutrition. Customers include ZonePerfect, Pure Protein and Weight Watchers.
ConAgra and Sun Capital both declined comment.