US: Bain Capital affiliate Sankaty buys kosher food firm Manischewitz
Sankaty Advisors, an affiliate of US private-equity group Bain Capital, has taken over local kosher food group The Manischewitz Co.
The two companies announced Sankaty had made a "strategic investment" in Manischewitz after a deal with owners that included investment firm Harbinger Capital Partners.
They did not specify the nature of the transaction. A source familiar with the situation said Sankaty had "basically bought the company". Financial details were not disclosed.
Manischewitz, founded in 1888, would be able to "continue its storied tradition of producing the highest-quality kosher products". Yaakov Horowitz, head rabbi at Manischewitz, said.
Sankaty is not the first private-equity investor at Manischewitz. Descendants of the company's founders sold the company to Kohlberg & Co. in 1990. In 2008, Harbinger invested in the business, then known as RAB Food Group. It changed its name back to The Manischewitz Co. later in the year.
"Manischewitz has earned a position as one of the most highly-recognised brands in the world," Sankaty said. "We believe Manischewitz is well positioned to grow due to rising mainstream interest in kosher foods."
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