U.S. food contract manufacturer Hearthside goes on the block
Wind Point Partners, Chicago, reports that it has asked Barclays plc to run an auction for Hearthside Food Solutions LLC, Downers Grove, Ill., hoping it can fetch more than $1 billion, according to reports. Hearthside is said to have earnings of around $120 million before interest, tax, depreciation and amortization.
Hearthside produces baked foods and snacks out of 20 manufacturing facilities in eight U.S. states for the world's premier food companies, employing more than 7,500 full-time workers, according to its website. Hearthside was created in 2009 by Wind Point and former Ralcorp Frozen Bakery Products president and ConAgra Foods Inc. veteran Rich Scalise, who now serves as Hearthside's chairman and CEO.