BFY Holdings, the newly-established US snacks business, has named former Annie's Homegrown and Immaculate Baking Co. CEO Paul Nardone as its president and chief executive.
Nardone joins a business recently set up by private-equity group Permira after it acquired US snacks companies Medora Snacks – the owner of the PopCorners and PopCrinkles brands – and own-label supplier Ideal Snacks.
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The founder of the two businesses, Zeke Alenick, will sit on the BFY board and "continue his focus on the company’s private-label business and product development", the group said.
Alenick said: "This is an exciting day for our company, one that clearly marks the next stage in our evolution. Paul and I both share roots as entrepreneurs and a passion for providing consumers with healthier eating options, and I am thrilled that he will bring his significant industry knowledge and experience to BFY to help us create a stronger platform for the future."
Nardone's career includes 11 years – including five as CEO – at Annie's Homegrown. After leaving Annie's in 2004, Nardone was president and chief executive of cocktail mixers business Stirrings for four years. From 2008 to 2013, he worked for refrigerated dough company Immaculate Baking Co. as president and CEO.
Most recently, he was an operating partner at private-equity firm Sherbrooke Capital. He sat on the board of one of the buy-out house's assets, the snack maker Angie's Artisan Treats.
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By GlobalDataNardone said: "Given the undeniable trend towards healthier living, BFY has a clear opportunity to continue to introduce innovative healthier products – differentiated by their outstanding taste – that consumers are seeking and our customers want on their shelves."
Permira partner John Coyle added: "Paul is an exceptionally talented executive who has a clear track record of growing unique food and beverage businesses into nationally recognised brands. His experience is a perfect fit with BFY's growth plans and with his strong industry ties and entrepreneurial spirit, we are confident that he is the right person to lead the company as it seeks to become a global leader in the fast-growing better-for-you snack category."
In June, we interviewed Permira partner John Coyle about the acquisition of Medora and Ideal – and the plans for the newly-established BFY Holdings. Subscribers can read this interview here.
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