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Brynwood Partners to exit DeMet’s Candy in $221m deal

30 Dec 2013

Flipz_02Lower mid-market focused private equity firm Brynwood Partners has agreed to sell its investment in DeMet’s Candy Company in a $221m deal to Godiva chocolate brand owner Yildiz Holdings.

Brynwood formed DeMet’s in 2007 to sell premium priced chocolate products under the Turtles, Treasures and Flipz brands after buying them out in separate deals from Nestle USA.

The company employs about 200 people and operates two manufacturing facilities in the US.

DeMet’s CEO Peter Wilson will join Brynwood’s most recently raised fund, Brynwood VII, following the deal.

Brynwood senior managing partner Hendrik Hartong said, “This investment highlights Brynwood Partners’ unique operational capabilities in the private equity sector.

“We originally formed DeMet’s Candy in 2007 to acquire the Turtles brand in the US from Nestlé USA and combined it with the Flipz brand, which we had acquired from Nestlé USA in 2004.

“After forming DeMet’s Candy we quickly hired a management team, with whom we have worked collaboratively, to create significant shareholder value.”

Brynwood closed its seventh fund on its $400m hard cap in September thanks to strong support from existing investors, it said.

The firm added that it would continue evaluating add-on acquisitions opportunities for the five portfolio companies in its sixth fund, while seeking platform investment opportunities for the new vehicle.

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