US-based healthy snacks business Cibo Vita has announced that Citation Capital has become a majority shareholder in the company.
Financial details were not disclosed.
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Cibo Vita said in a statement the deal will “advance the company’s growth trajectory”.
Citation is Cibo Vita’s first outside shareholder. The business’ co-founders Emre Imamoglu and Ahmet Celik will continue to hold a “significant ownership interest”.
Launched in 2009, Cibo Vita is known for its flagship brand, Nature’s Garden. The company’s products include snack mixes, trail mixes and dried fruits.
“Our vision in founding Cibo Vita was to bring healthier snacking options to all families, inspired by our Mediterranean roots,” Imamoglu, the company’s CEO, said.
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By GlobalData“We sought out a strategic partner that could help ensure that we stay on the forefront of innovation and who is aligned with our personal core values.”
The snacks company is headquartered in Totowa, New Jersey, with three manufacturing facilities and employs over 900 people.
Tiffany Hagge, Citation’s founder and managing partner, said: “Emre and Ahmet started from an idea, believing that they could bring better snacking habits to North American consumers, and put everything they had into building Cibo Vita into a highly innovative, profitable business that provides value-added services and products to some of the most coveted customers in North America.
“Cibo Vita exemplifies Citation’s investment philosophy in backing fundamentally strong, defensible businesses with exceptional cultures and shared values, helping them to become ‘best in class’ in their segment through strategic partnership, operational excellence and relentless focus on execution.”
