DeMet’s Candy Co., which is owned by Greenwich, Conn.-based private equity firm Brynwood Partners, has acquired the TrueNorth nut snack brand from Frito-Lay North America. Financial terms of the deal were not released. Formed in 2007, DeMet’s Candy manufactures chocolate candies, and is based in Stamford, Conn. Brynwood Partners has more than $500 million under management.
DeMet’s Candy Company announced today that it has completed the acquisition of the TrueNorth® nut snack brand from Frito-Lay North America (“FLNA” – a division of Pepsico, Inc.). DeMet’s will merge TrueNorth® into its existing portfolio of confectionary products that includes: DeMet’s Turtles®, DeMet’sFlipz®, DeMet’s Treasures®, and DeMet’sStixx®. DeMet’s is owned by the Greenwich, CT-based private equity fund, Brynwood Partners V L.P.
“DeMet’s is pleased to welcome the TrueNorth® products to its family of brands,” said David D. Clarke, President and CEO of DeMet’s. “These high quality, all natural products will provide DeMet’s with many new avenues for growth and innovation both in market segments that TrueNorth® presently competes in as well as in new ones.”
“We are very pleased to have completed our first transaction with Pepsico,” said Hendrik J. Hartong III, Chairman, DeMet’s and Senior Managing Partner, Brynwood Partners. “We remain very active investors in the food sector and we are excited to add the TrueNorth® brand to our successful investment in DeMet’s.”
About DeMet’s Candy Company:
Formed in 2007 and majority owned by Brynwood Partners V L.P., DeMet’s is a leading manufacturer and marketer of chocolate confectionary products including DeMet’s Turtles®, DeMet’sFlipz®, DeMet’s Treasures®, and DeMet’sStixx®. The company is headquartered in Stamford, CT and operates company-owned manufacturing facilities in Big Flats, NY and Mohnton, PA. For more information on DeMet’s please visit www.demetscandy.com.
About Brynwood Partners L.P.:
Founded in 1984, Brynwood Partners is an operationally-focused private equity fund that makes control investments in lower middle market companies. Brynwood Partners targets companies operating in the following sectors: (a) consumer products, (b) light manufacturing with low capital intensity, (c) service businesses, and (d) specialty retailing.
Brynwood Partners is currently managing over $500 million of private equity capital for its limited partners who include U.S. and international pension funds, fund-of-funds, endowments, high net worth family investment offices and financial institutions. For more information on Brynwood Partners please visit www.brynwoodpartners.com.