Brynwood Partners VIII L.P. announced that its newly-formed portfolio company, Buitoni Food Company, has entered into a definitive agreement to acquire the North American Buitoni® business from Nestlé USA, Inc. ("Nestlé"). The transaction, which includes a 240,000 square foot manufacturing facility in Danville, Va., is expected to close within the next 30 days, subject to customary US regulatory review. Terms and conditions of the deal are not being disclosed.
Buitoni Food Company will be headquartered in Stamford, Conn., and the Danville, Va., manufacturing facility, with its approximately 525 full-time employees, will continue to support the business. Buitoni is a leading national brand in the refrigerated pasta, sauces and cheese categories. The transaction includes the rights to the Buitoni brand in the US, Canada and the Caribbean territories. Buitoni Food Company will continue to manufacture Nestlé Toll House cookie dough products from the Danville, VA facility under a long-term supply agreement.
Since 2003, Brynwood Partners has acquired the Flipz, DeMet's Turtles, Treasures, Stixx, Juicy Juice, Bit O Honey, Nutrament and Joseph's Gourmet Pasta brands from Nestlé. With this acquisition, Brynwood Partners, a leader in the middle market corporate carveout space, has now acquired 55 brands from 20 different corporate sellers since its founding in 1984.
Brynwood Partners was represented by Holland & Knight LLP on legal matters.