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Gryphon Investors hires banks to sell Flagstone Foods

28 Mar 2014

walnutsPrivate equity firm Gryphon Investors has reportedly hired banks to help sell trail mix and dried food maker Flagstone Foods, which could be valued at around $1bn.

Gryphon has hired Moelis & Co, Houlihan Lokey and Bank of Montreal to sell Flagstone, which is the holding company of for Ann’s House of Nuts and Amport Foods, said Bloomberg, citing people with knowledge of the matter.

The business could be sold for around 12 times its EBITDA, which is in line with the valuation of the median multiple for the 51 deals in the sector since the beginning of the year, according to Bloomberg data.

Gryphon bought House of Nuts and Amport Foods in 2010.

Gryphon collected $365m for a bridge fund called Gryphon Partners 3.5 in October last year, well above its $250m target.

That fundraise followed a $415m final close for its third buyout fund in 2006 and a $100m interim vehicle in 2008.

Gryphon described that vehicle as an annex fund rather than a bridge vehicle.

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