Fengate Private Equity has acquired a majority stake in Canadian plant-based baked goods business Sweets from the Earth.
Sweets from the Earth’s founder and co-CEO Ilana Kadonoff, alongside joint CEO Marc Kadonoff, will retain a “significant minority” interest and continue to head up the company.
Financial terms of the deal were not disclosed in a statement announcing the “partnership”, which aims to “further support the growth” of Sweets from the Earth in North America.
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Marc Kadonoff said: “We are highly aligned with Fengate on our ambitious growth plan for the company, and look forward to expanding our business across Canada and in the US.
“Fengate has demonstrated a deep understanding of our business from the outset and offers the resources and capabilities necessary to accelerate growth.”
Set up in 2002, Sweets from the Earth is a family-run business that produces a range of egg-free, dairy-free, and plant-based baked goods.
The Toronto-based group’s portfolio includes cakes, cookies, and muffins that are available in natural food outlets, grocery stores, and cafes and restaurants throughout Canada.
Sweets from the Earth also produces nut-free and gluten-free products.
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By GlobalDataJennifer Pereira, managing director and group head of private equity at Fengate, said: “The company has established a market-leading position through its truly unique product offering, which has been built on many years of quality and innovation.
“They are a perfect fit with our strategy of backing strong management teams with ample runway for growth, and we’re proud to support Canadian entrepreneurs and brands.”
In 2024, Fengate acquired Saco Foods, a US-based company with several brands under its umbrella, such as Dolci Frutta, California Sun Dry, Solo Foods, and Hoosier Hill Farm.
Following the acquisition, Saco Foods went on to purchase Quinoa Corp., which owns the brands Ancient Harvest and Pamela’s.
Ancient Harvest manufactures a range of organic, non-GMO, and plant-based products, including quinoa, pasta and polenta.
Pamela’s, known for its gluten-free products, makes pancake mixes, baking mixes, cookies and snack bars.
Products from both brands are sold in natural food stores, grocery outlets across the US and Canada, and online via Amazon.
