ACON Investments has acquired a controlling stake in YumEarth, an organic and allergy-friendly confectionery brand, from the Riverside Company.
The investment marks the first deal completed through ACON’s newly launched ACON Evolution Fund, which targets value-oriented investments across the U.S. middle-market consumer and industrial sectors. The Fini Company, a global confectionery manufacturer, also invested in the transaction as an industry partner. Founded in 2007, YumEarth produces organic, non-GMO confectionery products made without artificial dyes or high-fructose corn syrup and free from the top nine allergens. Its portfolio includes gummy and chewy candy, lollipops, fruit snacks and sour candy, with products distributed online and through approximately 30,000 retail locations.
Financing was led by Truist Bank. Santander advised ACON financially, while Winston & Strawn (referred to in the announcement as Winston Taylor) and Hogan Lovells served as transaction and fund counsel, respectively. TM Capital and Jones Day advised YumEarth, while Deloitte, Blank Rome and Garrigues also served as advisors on the transaction.