Hearthside Food Solutions, a collection of acquired bakeries across the country, is being sold by owners Goldman Sachs and Vestar to a new investment group composed of Charlesbank Capital Partners, Partners Group and the company's management. Terms were not disclosed.
Hearthside claims to be the nation's largest "independent" bakery, primarily a contract manufacturer of grain-based food and snack products for many of the world's leading brands. Kellogg and PepsiCo were reported to be clients.
Hearthside's portfolio includes nutrition bars, snack bars, cookies, crackers and other grain-based snacks. The company has 25 facilities in the U.S. and Europe. Food Processing's Top 100© list estimated its 2016 sales at $1.2 billion. The transaction is expected to close in the second quarter of 2018.
Headquartered in Downers Grove, Ill., Hearthside was formed in 2009 and always has been privately held. Goldman Sachs and Vestar Capital Partners bought the company in 2014. In just under four years, Hearthside completed four acquisitions, entered new categories, and expanded into Europe.
Rich Scalise, founder, chairman and CEO of Hearthside, apparently will remain with the company.