Investment firm Brynwood Parters has acquired the frozen and refrigerated vegetarian food brand Lightlife from ConAgra Foods for an undisclosed sum.
The private equity investor said the deal, which was conducted through its newly-formed portfolio company, Lightlife Foods, closed yesterday (16 September). The sale includes Lightlife’s manufacturing facility in Tueners Calls, MA, and the company will be head quartered in Boston.
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Commenting on the deal, Henk Hartong III, Brynwood senior managing partner, said that the group plans to drive growth by investing in extending the company’s meat-free product line-up. “Lightlife is a well-known brand with excellent nutritional and wellness attributes. Lightlife has a very loyal consumer following and customer base. We look forward to investing in Lightlife Foods and extending the company’s refrigerated and frozen meatless offerings,” he stated.
Brynwood is an investment fund that focuses on lower middle market buyouts in the FMCG sector. Earlier this year, the firm purchased US confectionery brand Bit-O-Honey from Nestle and last year the group snapped up a majority stake in crackers and cookies brand Back to Nature from the then Kraft Foods.
For its part, ConAgra has focused on driving growth across its portfolio spanning branded, private label and B2B products. However, earlier this month the company cut its earnings forecast, citing “difficult conditions” in some of its branded categories.
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