Hostess Brands, the US bakery firm, has announced it has acquired Voortman Cookies, a “rapidly growing” manufacturer of wafers, sugar-free and specialty biscuits, from Swander Pace Capital for approximately $320 million.
Founded in 1951 and headquartered in Burlington, Canada, Voortman Cookies is described as the number one player in creme wafers and sugar free cookies, with distribution across the USA and Canada. Hostess Brands said the acquisition would enable it to enter attractive, adjacent categories with “better-for-you” characteristics.
Commenting on the deal, Hostess Brands president and CEO Andy Callahan added: “Voortman is a leading brand with a well-defined consumer position that complements and extends the growing Hostess portfolio into the growing cookie and better-for-you sweet snacking categories with meaningful runway for future growth. […] This acquisition fits well into our long-term growth strategy and we are confident that Voortman will be a great addition to our existing sweet baked goods snacking and breakfast portfolio”.
The firms said it expected to complete the transaction in early January 2020, subject to customary closing conditions.
Source: Hostess Brands (via BusinessWire)