Healthy Food Holdings, part of the private equity firm Catterton Partners, has announced that it has completed its acquisition of the yoghurt producer CoolBrands Dairy, from Canadian group CoolBrands International.
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“We are delighted to complete this transaction, which allows us to further extend our reach in the fast-growing yoghurt category,” said Healthy Food Holdings CEO Chuck Marcy. “With the addition of Breyers to our portfolio, which currently includes YoCrunch, Healthy Food Holdings will be the third largest branded yoghurt company in America. We look forward to capitalising on our operating expertise and customer relationships to grow these brands.”
On completion of the deal, CoolBrands International said it received US$45m in cash (subject to a working capital adjustment), a $5m subordinated promissory note, and a warrant to purchase shares of common stock of Yogurt Holdings II.
The $5m subordinated promissory note is repayable on the second anniversary of the closing date of the transaction, and accrues interests at 12.9% per annum, compounded quarterly, CoolBrands said.
CoolBrands Dairy operates a plant in North Lawrence, New York, which produces products under the Breyers and Creme Savers brands.
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By GlobalData
