DOWNERS GROVE, Ill.Goldman Sachs and Vestar Capital Partners have signed a definitive agreement to acquire Hearthside Food Solutions from the private equity firm Wind Point Partners. The deal will enable Hearthside to continue to grow, adding more value in the food contract manufacturing market it serves.
Hearthside Food Solutions is the largest U.S. independent bakery and a full-service contract manufacturer of grain-based food and snack products for many of the world’s leading premier brands operating 20 food-manufacturing facilities in eight states. The company’s diverse product portfolio is focused on four main platform categoriesbars, cookies/crackers, granola/cereals and snacks. Hearthside manufactures more than 150 brands and 1,400 SKUs for its top customers.
“When we launched Hearthside in 2009, we envisioned a company that could transform the contract manufacturing industry," said Rich Scalise, chairman and chief executive officer of Hearthside. “We have achieved that goal, building an industry leader and a highly successful business in the last five years based on the principles of being fast, flexible and adding more value. Going forward, by leveraging the experience and relationships of both Goldman and Vestar, we are confident we can take the company to the next level of growth in the contract manufacturing industry. We look forward to working with our new partners."
In May 2013, Wind Point Partners merged two of its portfolio companiesHearthside Food Solutions and Ryt-way Industriescreating a company with more than $1 billion in sales. Wind Point acquired Hearthside in April 2009 and Ryt-way in August 2008.