Vestar Capital Partners, a US middle-market private equity firm, announced that it has made a majority growth investment into Dr. Praeger's Sensible Foods, a fast-growing brand specializing in nutritious plant-based frozen and refrigerated foods made from simple ingredients. Terms of the transaction were not disclosed.
Dr. Praeger's has been a pioneer in the better-for-you food space for more than 25 years. Founded in 1994 by two heart surgeons with a mission to provide nutritious and convenient frozen foods, Dr. Praeger's offers a range of vegan, vegetarian, gluten free, soy free, Kosher, and non-GMO foods. The company's vegetable-focused lines of veggie burgers, meat alternative burgers, sausages and nuggets, kids Littles, appetizers, snacks, breakfasts and sides are sold in leading food retailers, in stores and online, nationwide.
Headquartered in Elmwood Park, N.J., Dr. Praeger's is led by second generation family members Larry Praeger, CEO, and Adam Somberg, President, who will be continuing in their current roles and will remain significant investors in the company.
Kirkland & Ellis LLP served as legal counsel and Piper Sandler & Co. acted as financial advisor to Vestar. Giannuzzi Lewendon served as legal counsel and J.P. Morgan acted as financial advisor to Dr. Praeger's.