Private equity group Mistral Equity Partners has acquired Ohio-based snackfoods producer Shearer’s Foods, for an undisclosed sum.
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Shearer’s produces branded, co-packed and private-label snacks and related products, and claims to be North America’s fastest growing producer of kettle chips, the fastest growing potato chip category in the region.
Mistral said the existing management team at Shearer’s, headed by CEO Robert J. Shearer, would continue in their current positions and will be investors in the transaction along with other co-investors. The financial details of the deal and the precise shareholdings were not disclosed.
“Shearer’s has a leading and unique position in the snack food market that is supported by strong long-term customer relationships and an experienced and well respected management team,” said Mistral CEO Andrew R. Heyer. “We look forward to working with Shearer’s management to achieve new levels of growth.”
Robert Shearer said: “This is a great opportunity for Shearer’s management, associates and our community. Our focus on quality and product excellence has been a core principle of our company throughout its history and this will continue as we grow our business.”
Shearer’s operates from seven locations including two manufacturing plants and four distribution facilities. Its products, which include branded and private-label snackfoods such as potato chips, tortilla chips, pretzels, cheese curls/puffs, peanuts, popcorn, corn chips and other snacks, are distributed throughout the Midwest, New England states and parts of Canada.
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