New York private equity firm Snow Phipps Group LLC closed a deal for Teasdale Foods Inc. from Palladium Equity Partners LLC.
Teasdale, headquartered in Atwater, California, produces and markets bean and hominy products in the U.S.
Snow Phipps is also invested in food company Tasti D-Lite.
Palladium, which has about $2.5 billion in assets under management, invested in Teasdale in September 2011. Under the firm’s ownership, Teasdale completed two add-on acquisitions.
Palladium has been active lately, exiting Sahale Snacks Inc. and Abra Auto Body & Glass. Palladium sold Sahale to J.M. Smucker Co. (NYSE: SJM), and Abra to Hellman & Friedman LLC. Both deals were announced in August.
Harris Williams & Co. advised Palladium on the deal.
The deal adds to a long streak of better-for-you food M&A deals. Recent transactions include Chaucer Food Group’s investment in snack food brand Crunchies, and Centre Partners’ investment in Stonewall Kitchen. For more on the trend, see Snack Time.