GREENWICH, CONN. — North Castle Partners, a Greenwich-based private equity firm, has acquired a controlling interest in Sprout Organic Foods, Inc., a developer, marketer and distributor of organic baby and toddler foods. Financial terms of the investment were not disclosed.
The transaction represents the fourth investment in the natural and organic nutrition sector for North Castle Partners, which has invested in Naked Juice, Bora Bora Organic Foods and Flatout.
Based in Duluth, Ga., Sprout manufactures baby food pouch products with organic vegetables, fruits, grains and proteins using slow cook technology. The products are free of water-reconstituted concentrates, fillers, preservatives and acidifiers. Sprout’s pouches are sold through national and natural and specialty grocers and through on-line retailers.
“We are excited about the Sprout acquisition as our latest nutrition platform that addresses the needs of today’s consumers,” said Alison Minter, North Castle managing director. “The organic baby food category is an attractive market with strong underlying fundamentals. Sprout is a strong brand that resonates with retailers and consumers, with a product portfolio that has meaningful competitive differentiation.”
|Rick Klauser, new c.e.o. of Sprout.|
Rick Klauser, formerly the chief marketing and medical sales officer for U.S. Infant Nutrition at Nestle, has been named chief executive officer of Sprout, effective immediately.
“We are passionately committed to investing behind such an important mission to expand the accessibility of this small independent brand offering one of the cleanest, preservative-free, honestly labeled organic lines of recipes I’ve ever seen,” Mr. Klauser said.Earlier this year, North Castle Partners sold Flatout, Inc., a maker of better-for-you flatbread products, to T. Marzetti Co., a subsidiary of Lancaster Colony Corp.