US-based pancake, waffle and French toast manufacturer De Wafelbakkers has been acquired by local private-equity firm Brynwood Partners for an undisclosed sum.
The investor has bought the business from current owner The Oklahoma Publishing Company, a subsidiary of the Anschutz Corporation.
Based in North Little Rock, Arkansas, De Wafelbakkers is a manufacturer of branded, co-manufactured and private-label frozen products which are sold into both the mass retail and foodservice channels.
It operates a 100,000 sq ft production facility in North Little Rock and also manufactures products from its 98,000 sq ft facility in McDonough, Georgia. It employs around 650 people across its two plants and headquarters.
Henk Hartong III, chairman and CEO of Greenwich, Connecticut-based Brynwood, said: “Brynwood already has a presence in the breakfast category through its dry mix offerings with its Hungry Jack and Arrowhead Mills brands, owned by Brynwood portfolio company Hometown Food Company.
“We also have extensive experience in the frozen manufacturing space and believe that we can partner with the management team to accelerate performance in the De Wafelbakkers’ business. The frozen pancake, waffle and French toast market is a growing space and we are excited to be invested in the category with such a significant manufacturing player.”
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Brynwood's portfolio also includes food businesses Buitoni and Great Kitchens.
The firm currently manages more than US$1bn of private-equity capital for its partners, which include US and international pension funds, high-net-worth family investment offices and financial institutions.
just-food has asked De Wafelbakkers for a comment on the deal.