Wind Point Partners in pact to acquire Shearer’s
CHICAGO — Wind Point Partners, a private equity firm, has signed an agreement to acquire Shearer’s Foods, a private label salty snack manufacturer based in Brewster, Ohio. C.J. Fraleigh, who most recently was chief executive officer of Sara Lee Corp., will join Shearer’s as chairman and c.e.o.
“With the growth of private label brands and the trend toward outsourcing for branded food companies, Shearer’s is well-positioned to continue its historical growth trajectory,” Mr. Fraleigh said. “I look forward to working with the company’s 1,850 employees to execute on growth opportunities we’ve identified and continue providing Shearer’s customers with excellent service and consistently high quality products.”
Terms of the agreement were not disclosed and the transaction is expected to close in October.
Wind Point currently has investments in four food-related companies, including Hearthside Food Solutions, Nonni’s, Rupari Foods and Ryt-Way Industries.
“Wind Point’s partnership with C.J. — a top caliber c.e.o. in the food industry — along with our depth of experience with food investments, creates an excellent opportunity to drive growth at Shearer’s,” said Mark Burgett, a managing director for Wind Point. “We are confident that we will create value through initiatives such as introducing a proactive strategic selling effort, leveraging Shearer’s proven ability to innovate and implementing continuous improvement programs. We are excited to work with C.J. and the management team to continue the Shearer’s success story.”