Brynwood Partners VI LP has acquired the Lightlife brand from ConAgra Foods Inc. (NYSE: CAG).
Lightlife’s products include vegetarian burgers, hot dogs and other meatless frozen and refrigerated items. The deal includes Lightlife’s manufacturing facilities in Turners Falls, Mass. After the deal closes, Lightlife will be headquartered in Boston. Terms of the transaction were not disclosed.
Brynwood has completed 38 brand acquisitions, including DeMet’s Candy Co., Back to Nature Foods Co. LLC, and Pearson Candy Co.
Brynwood Partners VI is a fund of private equity firm Brynwood Partners. The Greenwich, Conn.-based firm, founded in 1984, makes control investments in lower-middle market consumer companies. Brynwood manages about $500 million in capital.
The deal comes as part of a wave in better-for-you food deals. Other deals include Investcorp.’s acquisition of vegetable chip brand Tyrrells Potato Crisps, and B&G Foods Inc.’s (NYSE: BGS) purchase of Pirate’s Booty maker Robert’s American Gourmet Food LLC.
For more on M&A in the food sector, see “Snack Time.”