Houlihan Lokey Advises Voortman
Houlihan Lokey is pleased to announce that Voortman Cookies Limited (Voortman), a portfolio company of Swander Pace Capital (SPC), has been acquired by Hostess Brands, Inc. (Hostess) for C$425 million, or approximately US$320 million. The transaction closed on January 3, 2020.
This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry.
Voortman was founded in 1951 by brothers William and Harry Voortman, who emigrated to Canada from the Netherlands in 1948 with their father. Voortman is a leading manufacturer of premium-branded wafers as well as sugar-free and specialty cookies with distribution mainly in the United States and Canada. Voortman has a strong No. 1 brand share position in the crème wafer and sugar-free cookies categories. Since its inception, the brand has been dedicated to making the very best quality cookies, using the finest, hand-selected ingredients. In 2004, Voortman Bakery was the first North American food brand to announce the removal of trans fats from its retail food products. Most recently, Voortman announced its new packaging, new logo, and new recipes featuring real ingredients.
SPC is a private equity firm that invests in companies that are integral to consumers' lives. SPC's consumer industry expertise informs the firm's strategic approach and adds value through access to its history of successful strategies, senior team, and extensive network. SPC invests in businesses across three domains of consumer lifestyles: food and beverage, body and wellness, and home and family. SPC's prior branded investments include BRAGG Live Foods, Applegate, Kicking Horse Coffee, Liberté, Merrick Pet Care, Renew Life Formulas, Alden's Organic Ice Cream, and Swanson Health Products, among others. With offices in San Francisco, New Jersey, and Toronto, SPC has invested in more than 50 companies and has raised cumulative equity commitments of approximately $1.8 billion since 1996.
Hostess is a leading packaged food company focused on developing, manufacturing, marketing, selling, and distributing fresh baked sweet goods in the United States. The brand's history dates back to 1919 when the Hostess® CupCake was introduced to the public, followed by Twinkies® in 1930. Today, the company produces a variety of new and classic treats in addition to Twinkies® and CupCakes, including Donettes®, Ding Dongs®, Zingers®, Danishes, Honey Buns, and Coffee Cakes.
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