Private-equity firm CapVest has acquired US better-for-you snacks business Second Nature Brands for an undisclosed sum.
CapVest said the deal sees it “capitalising on growing demand for better-for-you snacks and treats”.
It has acquired the business from a private-equity fund affiliated with Palladium Equity Partners.
Michigan-based Second Nature Brands has a product range including Kar’s Nuts, Second Nature Snacks and Sanders Chocolates. It specialises in non-GMO-verified snacks and trail mixes.
The Palladium Equity Partners fund invested in the then Kar’s Nuts in 2017. A year later, Kar’s Nuts combined with Morley Candy Makers, a manufacturer of confectionery products sold under the Sanders Fine Chocolate name.
Last February, Kar’s Nuts announced it would trade under the corporate identity of Second Nature Brands to reflect the composition of its better-for-you portfolio.
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Othmane Khelladi, a partner at CapVest, said: “Second Nature Brands is a very exciting platform with ambitious plans to grow its presence in the highly attractive snacking and treats market. Through our ownership, we look forward to supporting Vic Mehren and his world-class team in accelerating growth through further investment in product innovation, category leadership and by scaling the existing platform through transformational acquisitions.”
Second Nature Brands, CEO Mehren said: “We’re now thrilled to be partnering with CapVest for our next phase of growth. The CapVest team’s deep consumer food experience will be invaluable as we work to build on our snacks and treats platform organically, and inorganically with strategic acquisitions.”
CapVest, which has invested in food businesses for more than 20 years, previously owned Ireland-based Valeo Foods, which has brands including Kettle Crisps and Jacobs biscuits, and Eight Fifty Food Group, a UK and Ireland meat and seafood business that owns seafood major Young’s.
The private-equity firm sold Valeo Foods last year after more than ten years of ownership. It also offloaded Eight Fifty Food Group last year, selling the business to Canadian food group Sofina.