Hometown Food Company, a portfolio company of Brynwood Partners, has acquired the Arrowhead Mills and SunSpire brands from The Hain Celestial Group Inc. The purchase price was $15 million. Arrowhead Mills is a maker of products in the baking and breakfast categories while SunSpire is a chocolate producer.
CHICAGO, Oct. 8, 2019 /PRNewswire/ — Hometown Food Company (“Hometown Foods”), a wholly-owned portfolio company of Brynwood Partners VII L.P. and Brynwood Partners VIII L.P., is pleased to announce that it has acquired the Arrowhead Mills and SunSpire brands from The Hain Celestial Group, Inc. for $15 million subject to customary post-closing adjustments. The transaction includes a manufacturing facility in Hereford, TX and its employees.
“We are delighted to announce the acquisition of the Arrowhead Mills and SunSpire brands into Hometown Foods,” said Henk Hartong, Chairman and CEO of Brynwood Partners. “Arrowhead Mills and SunSpire were pioneers in the organic, non-GMO ingredients space and we are excited to add these tremendous brands to our portfolio. This acquisition strengthens our industry position by adding improved capabilities in the better-for-you space that we plan to extend into our other categories.”
Arrowhead Mills has a rich heritage based on its simple mission to provide organic, high-quality products to its customers. Arrowhead Mills competes primarily in the baking and breakfast categories. The brand was founded in 1960 in the Texas Panhandle by Frank Ford, a pioneer in organic farming. The Arrowhead Mills brand is a leader in the better-for-you space with a national retail presence.
SunSpire is a producer of wholesome chocolates all made with the world’s richest cocoa beans. The brand’s products offer health-conscious consumers an assortment of innovative products including baking chocolate and chocolate candy. SunSpire’s baking chips and chocolate bars include rich, indulgent, Fair Trade, organic and alternative products. SunSpire products are made with the simplest ingredients available that are completely free of refined sugars, hydrogenated oils, trans-fats, preservatives and artificial flavors.
About Hometown Food Company:
Hometown Food Company, based in Chicago, IL, was formed by Brynwood Partners in June 2018 to acquire a portfolio of brands from The J.M. Smucker Company. The portfolio includes the exclusive U.S. rights to the iconic Pillsbury® brand’s shelf-stable baking products, including Funfetti®, along with the Hungry Jack®, White Lily®, Jim Dandy® and Martha White® brands. Pillsbury®, Funfetti® and Hungry Jack® are leading national brands in the shelf-stable baking and breakfast categories and White Lily®, Jim Dandy® and Martha White® are regional brands known for flour, corn meal and grits. Hometown Foods manufactures the majority of its products from its 650,000 square foot facility in Toledo, OH where the company employs 255 full-time employees. For more information on Hometown Foods, please visit www.hometownfoodcompany.com.
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. Since inception, Brynwood Partners has acquired over 50 brands from 20 different corporate sellers.
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. Brynwood Partners’ most recent fund, Brynwood Partners VIII L.P., has $649 million of committed capital and made its final close in January 2018. For more information on Brynwood Partners, please visit www.brynwoodpartners.com.