NEW
YORK, Feb. 24, 2025 /PRNewswire/ -- Vestar
Capital Partners, a leading U.S. middle-market private equity firm,
announced today it has completed the sale of Simple Mills (or "the
Company"), a premium brand of better-for-you crackers, cookies,
snack bars, and baking mixes, to Flowers Foods, Inc. (NYSE: FLO)
for a total enterprise value of $795
million. Vestar provided the first institutional investment
into the brand in October 2019, and
was the Company's largest shareholder.
"This positive outcome validates Vestar's original investment
thesis, including the ongoing shift toward better-for-you foods, as
well as our strong conviction in what we believed to be the unique
potential of the Simple Mills brand," said Vestar Managing Director
Kevin Mundt, who also served as
Chairman of the Board of Simple Mills. "Vestar was proud to partner
with the skilled Simple Mills management team, who have a pulse on
what consumers want, to improve the strategic positioning of the
brand and help the company realize consistent double-digit topline
growth throughout our investment. We wish Simple Mills well as it
embarks on its next chapter."
Over its five-year investment, Vestar, in collaboration with the
Simple Mills leadership team, drove meaningful value creation
across the Company. Under Vestar's ownership, Simple Mills expanded
its distribution channels; supported new product innovation,
including launching one major new product per year; invested
meaningfully in marketing and R&D; and strengthened its
supply-chain via solidifying the Company's co-manufacturing and
supplier network, among other accomplishments.
"Simple Mills is another example of Vestar's long-time approach
partnering with founder-owned businesses. Our aim is to steer our
companies' growth and profitability positioning them for a strong
future, while also generating an attractive realization for our
management partners and Limited Partners," said Dan O'Connell, Founder and CEO of Vestar. "We
believe Flowers Foods is a great home for Simple Mills, and we look
forward to watching the Company's continued success."
Piper Sandler and Centerview
Partners served as the financial advisors and Kirkland & Ellis
LLP served as legal counsel to Vestar on the transaction.
About Vestar Capital Partners
Vestar Capital
Partners is a leading U.S. middle-market private equity firm
specializing in management buyouts and growth capital investments.
Vestar invests in and collaborates with incumbent management teams
and private owners to build long-term enterprise value, with a
focus on Consumer, Business & Technology Services and
Healthcare. Since inception in 1988, Vestar funds have invested
over $12 billion in 94 companies – as
well as more than 200 add-on acquisitions – with a total value of
approximately $61 billion. For more
information on Vestar, please visit www.vestarcapital.com.
Media Contacts:
Lambert by LLYC
Jennifer Hurson
845.507.0571
jhurson@lambert.com
or
Caroline Luz
203.570.6462
cluz@lambert.com
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SOURCE Vestar Capital Partners