Hearthside Food Solutions grows with acquisitions
by Eric Schroeder
DOWNERS GROVE, ILL. — Hearthside Food Solutions, a manufacturer of specialty food products such as granola bars, croutons, cereals, popcorn and snack mixes, has acquired Consolidated Biscuit Co., McComb, Ohio, and the cereal division of Golden Temple, Eugene, Ore. Financial terms of the acquisitions were not disclosed.
By adding Consolidated Biscuit, which makes cookies, crackers and other food products, and Golden Temple’s cereal division, which makes all-natural, ready-to-eat cereals, bulk granola and granola snacks under the Peace, Yogi, Sweet Home Farm and Golden Temple brands, Hearthside said it will operate 12 facilities across 7 states with approximately $700 million in sales.
“Through these acquisitions, Hearthside partners with two industry leaders to expand our product capabilities to better serve our existing and new customers,” said Rich Scalise, chief executive officer of Hearthside. “We look forward to building new relationships, supplying new products and further positioning Hearthside as a leader in the baking industry.”
Mr. Scalise is a 33-year veteran of the food industry, and most recently was president of Ralcorp Frozen Bakery Products, a division of Ralcorp Holdings, Inc., before joining Hearthside in April 2009 when the company was acquired by Wind Point Partners, a Chicago-based private equity firm.