News

Vestar Capital Partners has agreed to buy Nonni’s Food Group from Wind Point Partners. Financial terms weren’t announced. Nonni’s, of Oak Brook, Illinois, makes and markets artisanal cookies and other premium baked snacks. Antares Holdings and Northwestern Mutual Capital provided financing for the transaction. Latham & Watkins provided legal advice to Vestar. Houlihan Lokey acted as financial adviser to Nonni’s and Kirkland & Ellis provided transaction counsel.

PRESS RELEASE

New York, New York and Chicago, Illinois – November 14, 2017 – Vestar Capital Partners (“Vestar”) and Wind Point Partners (“Wind Point”) today announced that Vestar has signed a definitive agreement to acquire Nonni’s Food Group (“Nonni’s”) from Wind Point. Nonni’s is a leading manufacturer and marketer of artisanal cookies and other premium baked snacks. Terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2017.

Based in Oakbrook, IL, Nonni’s premium products are synonymous with artisanal, authentic, and Italian-inspired. Products are marketed under the Nonni’s,THINaddictives, and La Dolce Vita brand names, and sold through a diverse distribution platform that includes major customers in club, grocery, mass market, foodservice, and online retailing.

“Our partnership with Wind Point has been extraordinarily successful and we thank them for their support and contributions to Nonni’s,” said Brian Hansberry, CEO of Nonni’s. “We’re thrilled to be partnering with Vestar as we look to build upon Nonni’s growth and success. The Vestar team’s deep consumer experience will be invaluable as we work to expand our customer relationships, enter new channels, and continue to introduce new and innovative products to the marketplace.”

“We see numerous growth avenues for Nonni’s premium, established brands,” said Brian O’Connor, Managing Director of Vestar and Co-Head of the Consumer Group. “We are excited to be partnering with Brian Hansberry, Chris Puma, and the rest of Nonni’s management team to pursue our shared vision for the Company.”

Konrad Salaber, Managing Director at Wind Point, stated, “We’re excited for management and Vestar to continue to build on Nonni’s category-leading position and its track record of success. Nonni’s is a great example of how Wind Point’s strategy of partnering with top caliber CEOs can transform a business. The Nonni’s team executed against a value creation plan that dramatically increased the company’s scale, materially enhanced profit margins, and positioned the business extremely well for its next phase of robust growth.”

Nonni’s represents Wind Point’s third successful sale of a consumer products company in 2017.

Latham & Watkins served as legal counsel to Vestar. Houlihan Lokey acted as financial advisor to Nonni’s and Kirkland & Ellis provided transaction counsel. Antares Holdings and Northwestern Mutual Capital provided financing for the transaction.

About Nonni’s Food Group
Nonni’s Food Group is the leading producer, marketer, and distributor of branded premium specialty cookies and baked goods in North America. The company sells products under the Nonni’s, THINaddictives, and La Dolce Vita brands. Headquartered in Oakbrook Terrace, Ill., Nonni’s operates four facilities in Ferndale, N.Y.; Glendale, Ariz.; Tulsa, Okla.; and Montreal, Canada. It produces its traditional biscotti using the original family recipe including real eggs, butter, and gourmet bittersweet chocolate that gives the biscotti a light, crunchy texture that is delicately sweet. The devotion to real quality ingredients is the foundation for the continued success of the company. Nonni’s Biscotti is the number one-selling biscotti in the U.S. and the only national brand sold coast to coast. Additional information is available at www.nonnis.com.

About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business Services & Industrial Products. Since its founding in 1988, Vestar funds have completed more than 80 investments in companies – as well as more than 200 add-on acquisitions – with a total value of approximately $50 billion. For more information, please visit www.vestarcapital.com.

About Wind Point Partners
Wind Point Partners is a leading Chicago-based private equity investment firm with over $2.3 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products, and business services sectors. The firm is currently investing out of Wind Point Partners VIII, a $985 million fund that was initiated in 2016. For more information, please visit www.windpointpartners.com.