Private equity firm, Vestar Capital Partners, said Jan. 21 that it has made a majority growth investment into Dr. Praeger’s Sensible Foods, a brand specializing in nutritious plant-based frozen and refrigerated foods made from simple ingredients. Terms of the transaction were not disclosed.
Dr. Praeger’s was founded in 1994 by two heart surgeons with a mission to provide better-for-you, delicious and convenient frozen foods. Headquartered in Elmwood Park, Dr. Praeger’s offers a range of vegan, vegetarian, gluten free, soy free, Kosher, and non-GMO foods. The company’s vegetable-focused lines are sold in leading food retailers, in stores and online, nationwide.
Dr. Praeger’s is led by second-generation family members Larry Praeger, CEO, and Adam Somberg, president, who will be continuing in their current roles and will remain significant investors in the company.
“We are extremely proud of the high growth better-for-you food brand our families have built,” said Praeger. “When our fathers co-founded the company 25 years ago, they were truly innovators. In today’s competitive market, our partnership with Vestar will help provide the financial backing, industry relationships and category expertise to continue to build on our momentum.”
As part of Vestar’s investment, Jeffrey Ansell, a 35+ year consumer industry veteran and Senior Advisor to Vestar, will join Dr. Praeger’s board as Chairman. He is currently Chairman of Information Resources Inc. (IRI), a data, insights, and information services company serving the consumer products industry. Ansell was previously Chairman and CEO of Sun Products, CEO of Pinnacle Foods, and prior to that spent 25 years in leadership positions at Procter & Gamble.
Kirkland & Ellis LLP served as legal counsel and Piper Sandler & Co. acted as financial advisor to Vestar. Giannuzzi Lewendon served as legal counsel and J.P. Morgan acted as financial advisor to Dr. Praeger’s.
