Brynwood buys Kretschmer wheat germ brand
Nov. 30, 2011
by Eric Schroeder
GREENWICH, CONN. — Brynwood Partners VI L.P. said its newly-formed portfolio company, Sun Country Foods, Inc., has acquired the Kretschmer wheat germ brand and manufacturing facility from The Quaker Oats Co. As part of the transaction Sun Country Foods has purchased the rights to the Kretschmer brand in the United States, Canada and Puerto Rico, as well as the Sun Country trademark. Founded more than 70 years ago, Kretschmer is the largest wheat germ brand in the United States.
Financial terms of the transaction were not disclosed.
Sun Country Foods will be based in Boston and will continue to operate its manufacturing facility in Manhattan, Kas. Roy Lubetkin has been named president and chief executive officer and Michael Morin has been named chief financial officer of Sun Country.
Prior to joining Sun Country Foods, Mr. Lubetkin was c.e.o. of Backyard Farms, L.L.C., and prior to that he held executive and marketing positions at Kraft Foods Inc. Mr. Morin previously was c.f.o. of Richelieu Foods, Inc., a Brynwood portfolio company that was divested in 2010.
“We are pleased to announce the acquisition of the Kretschmer wheat germ brand and its manufacturing facility from Quaker Oats,” said Henk Hartong III, chairman of Sun Country Foods and senior managing partner of Brynwood VI. “The Sun Country acquisition marks Brynwood Partners’ 20th corporate divestiture acquisition from 11 different corporate sellers. Kretschmer is a well-known brand with excellent nutrition and wellness attributes. We intend to grow the Kretschmer brand organically and will seek strategic add-on acquisitions to grow the Sun Country Foods platform.”
In addition to Sun Country, Brynwood Partners has several other investments in the food industry, including DeMet’s Candy Co., Balance Bar Co., and Pearson Candy Co. Brynwood Partners manages more than $500 million of private equity capital for its limited partners.