TARRYTOWN, N.Y. — Better-for-you snack company NightFood Holdings, Inc. has signed a definitive agreement to acquire Suffield Foods, L.L.C., and Hook Marketing, L.L.C. Financial terms of the transaction were not disclosed.
General Mills, Inc. granted Suffield and Hook a license to manufacture and distribute Fiber One ice cream, which debuted exclusively at Hy-Vee stores in April. The probiotic ice cream features fiber from chicory root extract and is available in seven flavors: Coffee & Donut Dough, Creamy Vanilla, Fudge Brownie, Mint Chocolate Chip, Salted Caramel & Truffle, Chocolate Chip Cookie Dough and Sweet Lemon Pie.
“Over the last several months, we have had acquisition discussions with numerous companies in the snack space,” said Sean Folkson, chief executive officer of NightFood. “We believe this deal with Suffield represents a tremendous opportunity, and I look forward to working with the Suffield team to help make Fiber One ice cream available to retailers and consumers across the country.”
As part of the acquisition, NightFood has agreed to provide Suffield with the operating capital needed to launch Fiber One ice cream in more stores through the end of 2017, the company said. Distribution plans call for the ice cream to be introduced into several major U.S. supermarket chains during the first half of 2017, along with broad distribution in supermarkets and drug stores throughout the New York Metro Area.“With Fiber One ice cream, we’re delivering a unique set of benefits to the consumer and the retailer,” said Frank Everett, c.e.o. of Suffield. “This transaction will allow us access to the capital we need to manufacture, distribute, and support Fiber One ice cream at retail.”