Wind Point Partners to sell Hearthside Food Solutions
Wind Point Partners LP, a private equity investment firm based in Chicago, announced today that it has entered into a definitive agreement to sell portfolio company Hearthside Food Solutions, an independent bakery and full-service contract manufacturer of grain-based food and snack products, to Goldman Sachs Group Inc. and Vestar Capital Partners Inc. for a reported $1.1 billion.
Based in Downers Grove, Ill., Hearthside Food Solutions was Wind Point’s first acquisition in its most recent fund, Wind Point VII. Wind Point formed Hearthside in April 2009 in partnership with food industry veteran Rich Scalise, whose previous experience included serving as president of Ralcorp Frozen Bakery Products, a division of Ralcorp Holdings Inc., and as president and chief operating officer of ConAgra’s $3 billion Refrigerated Foods Division.
“Over the past five years, Hearthside has more than tripled in size,” says Scalise. “We’ve broadened our product capabilities, significantly expanded our footprint to 20 facilities in eight states and developed new customer relationships with high-growth, recognized consumer brands. Wind Point has been an involved and supportive partner throughout.”
Under Wind Point’s ownership, Hearthside completed four add-on acquisitions to create the leading contract food manufacturer in North America with more than $1 billion in sales.