COLUMBUS, OHIO – The T. Marzetti Company, a business unit of the Lancaster Colony Corp., has acquired Flatout Holdings, a manufacturer of flatbreads, from North Castle Partners, a private equity firm. The acquisition price was approximately $92 million.
“We are very excited to add Flatout flatbreads to our specialty foods business as a better-for-you branded retail product with extraordinary taste, nutritional advantages and convenient versatility for most every eating occasion,” said Bruce Rosa, president of T. Marzetti. “Since introducing their first flatbread wraps to retailers in 2000, Flatout has continued to pioneer the on-trend and growing flatbread category as consumer preferences have shifted towards more healthy living and nutritional awareness. With placement in the supermarket deli department, Flatout's product offerings include unique oval-shaped flatbread wraps, the successful Foldit line of artisan flatbreads and the recently-introduced Artisan Thin pizza crust.”
Flatout's annual net sales for the 12 months ended Dec. 31, 2014, were approximately $46 million.
“The growth of Flatout and its sale to T. Marzetti Company is another example of North Castle's strategy to partner with accomplished entrepreneurial management teams to build high-growth brands that are of significant value to strategic buyers,” said Lou Marinaccio, a North Castle managing director. “By leveraging our prior experience with nutrition and food and beverage companies, such as Naked Juice, EAS and Atkins Nutritionals, we believe that North Castle in partnership with Flatout's leadership team developed a company, brand, and product portfolio that are well positioned for growth for many years to come.”