Nutrition Bar Manufacturer VSI Sold to Hearthside
24 Aug 2015 --- NPM Capital is selling its majority interest in VSI (‘B.V. Vurense Snack Industrie’), a producer of functional nutrition bars, to U.S. company Hearthside Group Holdings LLC. The acquisition of European market leader VSI gives Hearthside access to the lucrative market for functional foods, and in particular nutrition bars. Under the wings of its new American owner, VSI can accelerate its strategic ambitions to enter the North American market.
U.S.-based Hearthside Food Solutions is one of the largest independent bakeries in the U.S. and is a full-service contract manufacturer of high quality, grain-based food and snack products for some of the world’s leading premier brands. Hearthside Food Solutions is owned by the Merchant Banking Division of Goldman Sachs, Vestar and the management.
Hearthside Group Holdings LLC will acquire the other shares in addition to NPM Capital’s majority interest. Investment Director Rutger Ruigrok comments briefly on the proposed sale: “The new American owner is looking for a strategic partner to achieve accelerated growth in Europe. VSI in turn gets direct access to the U.S., an advantage that can accelerate its growth ambitions on this continent.”
VSI has experienced significant growth during the past decade due to its unique partnership model with its clients. VSI’s clients introduce over 150 newly-developed, customer-specific products and formulas worldwide per year thanks to VSI’s strong R&D capabilities, expertise and process know-how.
“NPM Capital has fully supported our multi-year growth strategy since 2012 and has actively helped us as a sparring partner,” says Gerard Janssens, CEO of VSI. “This is truly a unique opportunity for all the parties involved.”
The proposed acquisition will be submitted to the relevant competition authorities for approval Furthermore, the transaction is conditional upon completion of the discussions with the works council and related notifications. The transaction is expected to be completed this fall.
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