Wind Point Partners has sold snack company Nonni's Food Company Inc. to Greek food group Vivartia, for $320 million.
Wind Point Partners, a private equity investment firm, today announced that it sold Nonni's Food Company, Inc. to Vivartia, a Greece-based food production company, for $320 million. Nonni's is a leading domestic manufacturer and marketer of specialty, premium baked goods, including biscotti, bagel chips, pita chips and panetini sold primarily under the Nonni's, New York Style and Old London brand names. Under Wind Point's ownership, Nonni's has become the clear market leader in its key product categories.
In March 2004, Wind Point acquired Nonni's in partnership with CEO Tim Harris, an accomplished industry executive with over 25 years of experience in the food sector. Prior to Nonni's, Tim was the President and COO of ConAgra's $3.5 billion Refrigerated Prepared Foods Division.
Mark Burgett, a Wind Point managing director, commented, “Nonni's has been a successful investment for Wind Point and is an excellent example of our strategy of partnering with a top caliber CEO to acquire an under-managed middle market company and execute a clear path to value creation. Since our acquisition, Tim Harris and the management team have done an outstanding job executing the value creation initiatives we identified at the time of the investment.”
Tim Harris noted, “During our four years of ownership, we grew sales from approximately $90 million when we acquired the business to approximately $200 million today by significantly broadening our product portfolio, diversifying our customer base and completing two strategic acquisitions.”
About Wind Point Partners
Wind Point Partners is a private equity investment firm with approximately $2 billion in capital under management. Wind Point focuses on partnering with top caliber management teams to acquire under-managed middle market businesses where we can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
About Nonni's Food Company
Founded in 1988, Nonni's is North America's leading manufacturer and supplier of biscotti and other specialty baked good products, including bagel and pita chips. Products are marketed under the Nonni's, New York Style and Old London brands and sold through grocery, club store, food service and other distribution channels. More information about Nonni's can be found at www.nonnisfoods.com.
Vivartia is the leading food production company in Greece and one of the largest in Europe. It has 27 facilities, 13,500 employees and a commercial presence in 30 states. Additional information about Vivartia is available at www.vivartia.com.