NEW YORK — A company funded by the private equity firm Permira has acquired Medora Snacks, L.L.C. and Ideal Snacks Holding Corp. Financial terms of the transaction were not disclosed.
Medora manufactures better-for-you snacks, including PopCorners, PopCorners Whole Grain, Pop Crinkles and popped bean chips. Ideal is a leading contract manufacturer of diversified popped snacks. The Permira funds will combine the two businesses under a single holding company called BFY Holdings I, L.L.C.
Medora and Ideal use proprietary popping technology to make healthy and differentiated snack products with a strong presence in club and grocery channels. Available in seven flavors, PopCorners is one of the fastest growing brands in the better-for-you snack category with growing distribution in North America and internationally. Zeke Alenick, who founded Medora and Ideal, and other members of management will remain with BFY Holdings and own a minority stake in the company going forward. Medora and Ideal will continue to operate their current facilities in Middletown, N.Y., and Liberty, N.Y., respectively.
“With better-for-you snacking trends on the rise globally, BFY Holdings has tremendous potential to capitalize on the clear market opportunities, including expanding brand awareness and distribution of its existing products, and continuing to introduce new and exciting products,” said John Coyle, a Permira partner. “The Permira funds have a successful track record of investing in leading consumer companies, including those focused in the areas of healthy living, and we are excited to support BFY Holdings in pursuit of becoming the global leader in the better-for-you snack category.”The transaction is expected to close in the third quarter of 2015, pending certain regulatory approvals and customary closing conditions.