Private-equity firm Wind Point Partners has snapped up US snacks group Shearer's Foods in a takeover backed by former Sara Lee executive C.J. Fraleigh.
Wind Point Partners has acquired what it called "the largest producer of private-label salty snacks in North America" in a secondary buy-out from Mistral Equity Partners.
Fraleigh, who left Sara Lee last year in the wake of the company's plans to split in two, will become Shearer's chairman and CEO.
"I'm very excited to be joining the team at Shearer's," Fraleigh said. "With the growth of private label brands and the trend toward outsourcing for branded food companies, Shearer’s is well-positioned to continue its historical growth trajectory."
Wind Point Partners MD Mark Burgett said Fraleigh was "a top calibre CEO in the food industry". He added: "We are confident that we will create value through initiatives such as introducing a proactive strategic selling effort, leveraging Shearer's proven ability to innovate and implementing continuous improvement programs."
