Brynwood Partners announced its newly-formed portfolio company, Buitoni Food Company, has entered into a definitive agreement to acquire the North American Buitoni business from Nestlé USA, Inc. The transaction, which includes a 240,000 square foot manufacturing facility in Danville, Virginia, is expected to close within the next 30 days, subject to customary U.S. regulatory review. Terms and conditions of the deal are not being disclosed.
Buitoni Food Company will be headquartered in Stamford, Connecticut, and the Danville, Virginia, manufacturing facility, with its approximately 525 full-time employees, will continue to support the business. Buitoni is a leading national brand in the refrigerated pasta, sauces and cheese categories. The transaction includes the rights to the Buitoni brand in the U.S., Canada and the Caribbean territories. Buitoni Food Company will continue to manufacture Nestlé Toll House cookie dough products from the Danville, Virginia, facility under a long-term supply agreement.
"We are delighted to announce the formation of Buitoni Food Company," said Henk Hartong III, Chairman and CEO of Brynwood Partners. "We are thrilled to add the famous Buitoni brand, and its delicious pastas, sauces and cheeses to our investment portfolio. Buitoni has a rich history and Italian heritage that has delighted consumers for over 100 years. The Danville, Virginia, facility will enable us to quickly invest in new culinary and eating trends so that we can build on the strong foundation of current Buitoni offerings. We look forward to innovating and growing the Buitoni brand as more consumers seek out high quality meals that can be easily prepared at home."
"On behalf of everyone at Brynwood Partners, I would like to sincerely thank the Nestlé team for working with us on another corporate carve out. This marks the eighth transaction we have completed with Nestlé, and we look forward to continuing our relationship," said Ian MacTaggart, President, CFO and COO of Brynwood Partners. Since 2003, Brynwood Partners has acquired the Flipz, DeMet's Turtles, Treasures, Stixx, Juicy Juice, Bit O Honey, Nutrament and Joseph's Gourmet Pasta brands from Nestlé. With this acquisition, Brynwood Partners, a leader in the middle market corporate carveout space, has now acquired 55 brands from 20 different corporate sellers since its founding in 1984.
About Brynwood Partners
Brynwood Partners, founded in 1984 and based in Greenwich, Connecticut, is an operationally-focused private equity firm that makes control investments in North American-based lower middle market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector. Brynwood Partners currently manages more than $1 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, foundations, high net worth family investment offices and financial institutions.
About Buitoni
At Buitoni we believe it's what you bring to the table that keeps life fresh. Choose from a variety of over 40 delicious Buitoni refrigerated pastas, sauces, and shredded cheeses and make every night an occasion. Whether you combine our Classic Beef Ravioli with delicious Roasted Garlic Marinara Sauce, or try something more adventurous such as our Portobello Mushroom & Cheese Tortelloni with Pesto with Sun Dried Tomato Sauce--every meal is sure to deliver that homemade taste your family and guests will love. That's because the products we produce are made with only the finest ingredients, then refrigerated and dated for freshness.
Today, a wide variety of Buitoni products are available throughout Europe and the United States. Many of the favored Buitoni recipes were developed at Casa Buitoni in Italy where Buitoni has been creating award-winning Italian foods for more than 175 years.
Buitoni refrigerated pastas and sauces reflect the growing emphasis on the nutritional value of whole grains, with some pastas made from 100% whole durum wheat flour, which contain 4g - 8g of fiber per serving.
