Private equity firm Swander Pace Capital completed the sale of Voortman Cookies Ltd. to Hostess Brands Inc. in a cash transaction valued at approximately $320 million.
Swander Pace, located in Bedminster, acquired a majority stake in Voortman Cookies in 2015. The firm partnered with co-founder Harry Voortman and senior management to help the company grow its market share, distribution footprint, and product offering.
Voortman Cookies, which Harry opened with his brother William in 1951, underwent a total relaunch in 2017. It updated its logo, packaging and recipes; and replaced high-fructose corn syrups, artificial colors and artificial flavors in its products with real ingredients.
During the course of Swander Pace’s investment in Voortman, the company expanded its share of the $8.4 billion packaged cookie industry. According to Swander Pace, Voortman is now one of the fastest-growing brands of scale in the cookie category.
“For nearly seven decades, Voortman has demonstrated, time and again, its ability to innovate and grow while delivering consistent quality and service to its customers,” said Tyler Matlock, director at Swander Pace Capital, in a statement. “We are very appreciative of the immense support provided by Harry Voortman and his team that helped make this relationship a successful one. We believe Hostess will be an exceptional steward of the brand as Voortman continues its trajectory of growth.”
Swander Pace has completed previous transactions in the baked goods and snacks space, including deals with Café Valley, Bäckerhaus Veit, Pineridge Bakery, Ideal Snacks and Nonni’s.