New management team will be based in Northeast.
Greenwich, Conn.-based Brynwood Partners VI L.P. has acquired the Balance Bar Company from Kraft Foods. This transaction will mark Brynwood VI's first investment. Terms of the transaction were not disclosed. Brynwood Partners has managed prior investments in Lincoln Snacks, Signature Snacks, DeMet's Candy Co. and Richelieu Foods.
Brynwood VI will base the company in the Northeast and has recruited a management team to operate the business. Balance Bar competes in the growing nutrition and energy bar segment.
"Brynwood VI is pleased to announce this exciting transaction," says Hendrik J. Hartong III, senior managing partner of Brynwood VI. "Balance Bar is a great brand with a very loyal consumer following. We plan to increase the focus on the brand and expand the business through increased marketing and new product innovation."
Hartong III will serve as chairman of the Balance Bar Co.
Brynwood Partners, founded in 1984 and currently investing capital for its sixth fund, is a private equity fund which makes control investments in lower middle market companies targeting the consumer products, light industrial manufacturing, specialty retailing and business services sectors. The principals of Brynwood Partners have made investments in 22 portfolio companies.