Castanea Partners made an investment in Greek frozen yogurt maker Yasso. The deal comes as buyers continue to show strong interest in the food and beverage sector.
Yasso, based in Quincy Massacheusetts and founded in 2009, makes better-for-you Greek frozen yogurt products, including sticks and sandwiches, that are sold through retailers and grocery stores. “Yasso’s nutritional profile, simple ingredients and great tasting product fill a market void between high calorie, overly indulgent products and artificial tasting diet brands,” says Castaanea partner Juan Marcos Hill. Financial terms were not disclosed.
“Castanea’s valuable insight and operating experience building longlasting consumer brands will support Yasso’s accelerating growth and help our team respond to the many attractive opportunities in the frozen desserts segment,” adds Yasso co-founder Amada Klane. Piper Jaffray Cos. (NYSE: PJC) and Nixon Peabody advised Yasso. Ropes and Gray represented Castanea.
Castanea is a middle market consumer-focused private equity that is based in Newton, Massachusetts. The PE firm invests up to $150 in businesses across the beauty, apparel and food and beverage sectors. In 2017, the firm made an investment in Simms Fishing Products.
Consumers are more informed and are demanding fresher, healthier, and better-for-you food options. Hain Celestial Group Inc. (Nasdaq: Hain) acquired Clarks; B&G Foods Inc.’s (NYSE: BGS) is buying Back to Nature Foods Co. from Brynwood Partners; Kellogg Co. (NYSE: K) has agreed to acquire protein bar maker RXbar for about $600 million; Utz Quality Foods LLC is acquiring better-for-you food manufacturer Inventure Foods Inc. (Nasdaq: SNAK) for approximately $165 million.