Vestar Capital Partners, a middle-market private equity firm, has made a majority growth investment into Dr. Praeger’s Sensible Foods, a brand specializing in plant-based frozen and refrigerated foods.
Dr. Praeger’s is led by second-generation family members Larry Praeger, CEO, and Adam Somberg, president, who will be continuing in their current roles and will remain significant investors in the company.
Winston Song, managing director and co-head of consumer at Vestar, commented, “Larry and Adam have done a tremendous job building the company and developing new products that speak to today’s consumers – flexitarians, vegetarians, vegans and those who seek a healthier lifestyle.”
As part of Vestar’s investment, Jeffrey Ansell, senior advisor to Vestar, will join the Dr. Praeger’s board as chairman. He is currently chairman of Information Resources Inc. Vestar’s current food investments include Simple Mills, Roland Foods, Nonni’s and Presence Marketing.
Kirkland & Ellis LLP served as legal counsel and Piper Sandler & Co. acted as financial advisor to Vestar. Giannuzzi Lewendon served as legal counsel and J.P. Morgan acted as financial advisor to Dr. Praeger’s.