BEDMINSTER, N.J. & BURLINGTON, Ontario– Swander Pace Capital, a leading private equity firm focused on consumer products companies, today announced that it has completed the previously announced sale of Voortman Cookies Limited to Hostess Brands, Inc. in a transaction valued at approximately $320 million (C$425 million) in cash.
Founded in 1951 by brothers William and Harry Voortman and headquartered in Burlington, Ontario, Voortman is a leading manufacturer of premium, branded wafers as well as sugar-free and specialty cookies with distribution throughout North America and across the world.
Swander Pace Capital acquired a majority stake in the company in 2015, partnering with Harry Voortman and senior management to help the company build upon its market share, distribution footprint, and product offering.
In 2017, the company underwent a total brand relaunch with a new logo and packaging, all-new recipes, and updated flavors. Voortman was able to successfully connect with new consumers and disrupt the dynamics of the category by replacing artificial colors and flavors, as well as high-fructose corn syrups, with only real ingredients.
During the course of Swander Pace’s investment in the company, Voortman significantly expanded its share of the $8.4 billion packaged cookie industry and today remains one of the fastest growing brands of scale in the category.
“It has been a genuine pleasure partnering with management and the Voortman family to help the company reach its full potential,” said Tyler Matlock, director at Swander Pace Capital. “For nearly seven decades, Voortman has demonstrated, time and again, its ability to innovate and grow while delivering consistent quality and service to its customers. We are very appreciative of the immense support provided by Harry Voortman and his team that helped make this relationship a successful one. We believe Hostess will be an exceptional steward of the brand as Voortman continues its trajectory of growth.
The sale represents the latest successful investment by Swander Pace in the baked goods and snack industry, having completed previous transactions with Café Valley, Bäckerhaus Veit, Pineridge Bakery, Ideal Snacks, and Nonni’s. Swander Pace will continue to seek opportunities to partner with companies in these categories and leverage its expertise and playbook to help drive further growth and expansion.
About Swander Pace
Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team, and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food + Beverage, Body + Wellness, and Home + Family. With offices in San Francisco, New Jersey, and Toronto, SPC has invested in more than 45 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.
About Voortman Cookies
Voortman Cookies has been exciting customers in North American markets and around the world with its delicious, traditionally baked cookies since 1951, when the company was founded by Dutch immigrant brothers William and Harry Voortman. The company makes more than 60 unique varieties of cookies and wafers, including an extensive line of sugar-free/no sugar added products. Voortman brand cookies are sold in supermarkets across Canada, the United States, Puerto Rico, and more than 70 other countries worldwide. For more information, visit www.voortman.com.