|JTM manufactures snack pies and marshmallow crispy treats under the JJ's Bakery brand.|
CLEVELAND — Blue Point Capital Partners, a private equity firm managing more than $800 million in committed capital, has sold its stake in JTM Foods, L.L.C. Financial terms of the transaction were not disclosed.
Headquartered in Erie, Pa., JTM is a manufacturer of branded and private label snack foods. The company sells directly to retailers and distributors under the JJ’s Bakery brand and through co-packing arrangements with other food producers. The company’s product offerings include snack pies and marshmallow crispy treats. Across the United States, JTM’s products are available through various segments of the retail food market, such as grocery stores, convenience stores, drug stores and value grocers.
Blue Point, in partnership with snack food industry veteran Angelo Fraggos, acquired JTM in January 2011. At that time, Mr. Fraggos was named executive chairman of JTM; in this role, he provided management with additional strategic resources and direction.
“Since acquiring JTM in early 2011, Blue Point, executive chairman Angelo Fraggos and JTM have benefited from a rewarding and enriching partnership together,” said John LeMay, a partner with Blue Point. “Working with Angelo, we expanded the leadership team, strengthened various components of the company’s infrastructure and internal resources, implemented new sizing and flavor options for the JJ’s Bakery pie line, and accomplished a rebranding initiative. We are delighted with the outcome of our collaboration together and are pleased that Blue Point had the opportunity to contribute to JTM’s successful 28-year history as a snack food provider.”Mr. Fraggos added, “JTM offers delicious products at affordable prices, qualities that do not always go hand in hand with each other in the snack food industry. Under Blue Point’s operational and strategic guidance, the company has become the top seller of snack pies within the industry. The value-added tools and resources that Blue Point brought to JTM were integral to the company’s growth, and we are confident that JTM is now in an ideal position to embark upon a new chapter in its development.”