DeMet's Candy Sold
Brynwood Partners V L.P. signed an agreement to sell its investment in DeMet's Candy Company.
Since its formation in 2007 by Brynwood V, DeMet's Candy has significantly expanded its sales, production, and profitability. All of the DeMet's brands were acquired by Brynwood Partners from Nestlé USA in separate transactions. DeMet's Candy employs approximately 200 people and operates two manufacturing facilities in the U.S. After the closing, Peter Wilson, the company's CEO, will be joining Brynwood Partners VII L.P., Brynwood Partners' most recently raised fund. The rest of DeMet's Candy's management team will remain with the company.
"We are delighted to announce the divestiture of DeMet's Candy," said Hendrik J. Hartong III, chairman, DeMet's Candy and senior managing partner, Brynwood Partners. "This investment highlights Brynwood Partners' unique operational capabilities in the private equity sector. We originally formed DeMet's Candy in 2007 to acquire the Turtles brand in the U.S. from Nestlé USA and combined it with the Flipz brand, which we had acquired from Nestlé USA in 2004. After forming DeMet's Candy, we quickly hired a management team, with whom we have worked collaboratively, to create significant shareholder value. We are grateful to DeMet's Candy's management team and all of the hard working employees in the manufacturing plants for their tireless efforts under our ownership. We wish Yildiz success with this outstanding company."
Houlihan Lokey Capital, Inc. served as the investment advisor to DeMet's Candy.