As the collective focus of most consumers and dealmakers jogs toward healthy food, a select few have developed a counter-intuitive thesis: Invest in junk food. There are a few drivers behind the deals: junk food companies possess recurring revenue streams that are attractive to private equity firms; and companies known for making traditional snacks are looking to diversify.

"Even people who live healthy lifestyles have some form of demand for junk food," says Mike Shaw, who advises on food and beverage transactions as a principal at law firm Much Shelist.

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