Brynwood Partners acquires Nestle's Turtles brand
May 24, 2007
by FoodBusinessNews.net Staff
GREENWICH, CONN. — Brynwood Partners V L.P. signed an agreement to acquire the Turtles confectionery brand from Nestle USA Inc.
The acquisition will be facilitated through a newly formed company — DeMet’s Candy Co. — and is set to close by June 1. Additionally, Brynwood Partners will acquire the Turtles production facility in Toronto from Nestle Canada and merge the facility into DeMet’s in a separate transaction.
"Brynwood Partners is very excited about the acquisition of the famous Turtles brand and the reintroduction of the storied DeMet’s name to the candy business," said Henk Hartong III, managing partner with Brynwood Partners and DeMet’s chairman. "We have a successful track record in the food space and specialization in the confectionery area. Revitalizing undervalued brands through rigorous operational focus and strong marketing initiatives has been a key component of Brynwood Partners’ success."
Brynwood Partners is purchasing the U.S. rights to the Turtles brand, and DeMet’s will manufacture Turtles in Canada as a means to supply the U.S. business and to supply products to Nestle Canada through a long-term supply contract.
In the future, Brynwood Partners anticipates merging one of its other operating companies — Signature Snacks Co., which produces Flipz coated pretzels — with DeMet’s Candy and combining both product lines into one confectionery company.
Brynwood will keep the management officials from Signature Snacks for DeMet’s Candy. David D. Clarke, former president and chief operating officer of Signature Snacks, will be president and chief executive officer of DeMet’s Candy. James Gerbo will be senior vice-president of marketing, and Scott Hilley will be the chief financial officer. Additionally, Brynwood Partners recruited Gary Parsons to fill the position of vice-president of sales.