Private equity firm TPG Growth has acquired a majority stake in SmartSweets, a Canadian sweets brand, for an undisclosed sum.
SmartSweets manufactures a range of ‘better-for-you’ alternatives to traditional confectionery made with plant-based fibre. The sweets are said to contain between 87 and 92% less sugar than traditional sweets, as well as being free from artificial sweeteners, added sugar, and sugar alcohols.
According to sources, SmartSweets doubled its sales last year, and will use the investment to expand into new channels across the US and Canada.
Heather Smith Thorne, partner at TPG Growth said: “At a time when consumers are increasingly making buying decisions based on sugar content we were immediately drawn to the taste, quality, and range of SmartSweets’ low-sugar gummy treats”.