Private investment firm City Capital Ventures has acquired Cookie Specialties Inc., a US baked goods maker that does business as Matt’s Cookies of Wheeling.

The deal, struck for an undisclosed sum, will see the business renamed Matt’s Cookie Co. The business, set up in 1972, produces all-natural cookies and fig bars and sells through US retail channels under the Matt’s Cookies brand. It was previously owned by Blake Pierce and the surviving trust of Matt Pierce.

City Capital Ventures acquired the company from the Pierce family, who will continue to be involved in the day-to-day operations of the business. The company will now be led by Mike Halverson who was appointed as CEO in early-April. Prior to this he was vice president of Schulze & Burch Biscuit Co., which produces baked goods under the Toast ‘Em and Flavor Kist brands in the US.

Grant Pierce, the founder of Cookie Specialties Inc., said, “My family and I are extremely proud of our 40-year commitment to never compromise on our promise to bake the very best, soft-baked cookie possible. With the expanded leadership of Mike Halverson and City Capital’s resources, more consumers will have the opportunity to enjoy our unique cookies both within and beyond our historical Midwest marketplace.”

Dan Kipp, founder and managing partner at City Capital, added: “Given our focus on private family capital, we are especially pleased to have transacted with the Pierce family in a fashion that serves their next generation while supporting the business for a new arc of growth and expansion.”