US private-equity firm Brynwood Partners’ newly-formed company Sun Country Foods has acquired the Kretschmer wheat germ brand from PepsiCo.
Brynwood Partners has purchased the rights to the Kretschmer brand in the US, Canada and Puerto Rico, as well as a manufacturing facility, from PepsiCo.
However, the financial terms of the deal, which closed on Tuesday (29 November), were not disclosed.
Sun Country Foods will be headquartered in Boston, with its manufacturing facility to continue to be in Manhattan, Kansas. The company said it intends to retain existing staff to support plant productions.
As part of the transaction, Brynwood Partners has appointed Roy Lubetkin as Sun Country Foods president and CEO and Michael Morin as CFO of the company.
Prior to joining Sun Country Foods, Lubetkin served as CEO of Backyard Farms. Morin previously served as CFO of Richelieu Foods, a Brynwood Partners company that was sold in 2010.
“We intend to grow the Kretschmer brand organically and will seek strategic add-on acquisitions to grow the Sun Country Foods platform,” said Henk Hartong III, chairman of Sun Country Foods and senior managing partner of Brynwood.
The private-equity firm is building a presence in the US food sector. In August, Brynwood acquired Minnesota-based confectioner Pearson Candy Co. At the start of the year, the buyout house snapped up the TrueNorth nut snack brand from PepsiCo.
In 2009, Brynwood acquired energy bar firm Balance Bar Co. from Kraft Foods. It also has a stake in confectionery maker DeMet’s Candy Co.