Vestar Capital Partners has agreed to acquire snacks producer Nonni's Food Group from Wind Point Partners. The latter has owned the target since 2011.

Nonni's, headquartered in Oakbrook Terrace, Illinois, makes biscotti, thin cookies and dark chocolate products under the Nonni's, THINaddictives and La Dolce Vita brands. The company has manufacturing facilities across New York, Arizona and Oklahoma and Montreal. “We see numerous growth avenues for Nonni’s premium, established brands,” says Vestar managing director Brian O'Connor.

Vestar, headquartered in New York, is a private equity firm that usually invests between $50 million and $200 million in U.S.-based middle market companies. The firm focuses on the consumer, healthcare, business services and industrial sectors. In 2017, Vestar acquired a majority stake in healthcare software provider Quest Analytics.

Buyers have been chasing snack producers in the middle-market. For instance, Kellogg Co. (NYSE: K) agreed to pay $600 million for protein bar company RXBar; Conagra Brands Inc. (NYSE: CAG) bought popcorn maker Angie's Artisan Treats; and B&G Foods Inc. (NYSE: BGS) bought granola maker Back to Nature Foods for $162.5 million.

Latham & Watkins represented Vestar. Houlihan Lokey Inc. (NYSE: HLI) and Kirkland & Ellis advised Nonni’s. Antares Holdings and Northwestern Mutual Capital provided financing. Financial terms of the deal were not disclosed.

Nonni's
Nonni's

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Demitri Diakantonis

Demitri Diakantonis

Demitri Diakantonis joined SourceMedia in 2015 and serves as Managing Editor of Mergers & Acquisitions. He covers all aspects of middle-market deamaking, with a focus on strategic buyers and the consumer and retail sectors, and writes The Buyside column.