Coolbrands International said it has agreed to sell its yoghurt division, CoolBrands Dairy, to Lily Acquisition for US$45m in cash.


CoolBrands would also receive a $5m subordinated promissory note, and a warrant to purchase 2m shares of common stock of Yogurt Holdings II, at a price of $1.25 per share.


CoolBrands Dairy manufactures cup yoghurt at its plant located in North Lawrence, New York under the Breyers and Creme Savers brands. The transaction is expected to close by early February 2007, and is subject to customary closing conditions.


The company said it has signed of a definitive agreement pursuant to which Lily Acquisition, an affiliate of Catterton Partners Management Company, has agreed to acquire all of the issued and outstanding shares of common stock of CoolBrands Dairy, an indirect wholly owned subsidiary of CoolBrands.


Catterton said it entered the agreement through portfolio company Healthy Food Holdings.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Healthy Food Holdings CEO Chuck Marcy said, “Breyers’ commitment to high-quality has made it a brand leader in major segments of the yoghurt category. We are delighted to have the opportunity to build the Breyers brand by adding innovative new products and expanding retail distribution in all major channels.


“Together with our existing YoCrunch product line, Healthy Food Holdings will be able to offer customers differentiated yoghurt products that are fast becoming the go-to favourites for consumers seeking healthier snack alternatives that don’t compromise on taste.”


Healthy Food Holdings announced in December 2006 that it acquired Van’s International Foods, a maker and marketer of Van’s Waffles, a brand of all-natural and organic frozen waffles.


CoolBrands added it might use some portion of the proceeds of the sale to repay the remaining long-term debt of the company, but that the balance of the proceeds will be used for general working capital purposes.


CoolBrands has previously announced that it is exploring the possibility of the sale of certain of its ice cream assets such as the remaining distribution assets, CoolBrands’ foodservice division and CoolBrands’ ice cream brands, and the sale of CoolBrands’ owned real estate.