Private investment firm City Capital Ventures has acquired Illinois-based Cookie Specialties (CSI) or Matt’s Cookies, for an undisclosed sum.
Matt's Cookies was founded in 1972 by Grant Pierce and operated as a family owned business under the leadership of his sons, Blake and Matt Pierce. "Matt's Cookies" brand manufactures and markets all-natural, soft baked cookies and fig bars.
The company claims to offer simple and clean label ingredients for its products. Even after the acquisition, the Pierce family will remain involved in the day-to-day operations of the business.
Matt's Cookies CEO Mike Halverson said: "City Capital's long term approach will enable us to grow the Matt's brand and leverage the Chicago heritage and latent brand equity with a broader group of consumers and retail partners.
"What's more, City Capital gives us access to a robust network of CPG advisors with exceptional experience and knowledge of what's required to grow brands in today's ingredient-conscious consumer food category."
CSI founder Grant Pierce said: "With the expanded leadership of Mike Halverson and City Capital's resources, more consumers will have the opportunity to enjoy our unique cookies both within and beyond our historical Midwest marketplace."
City Capital founder and managing partner Dan Kipp said: "We believe private equity investment will continue to move toward the 'bespoke' approach that we employ.
"Our strategy of investing in businesses, often deemed too small by mainstream private equity and corporate acquirers, and supporting them with large firm strategic resources will serve our investors and operating companies well over our long-term investment horizons."