Mondelez sells majority stake in SnackWell’s to Brynwood company

US food and beverage firm Mondelez International has sold a majority stake in its SnackWell’s cookies and snacks business to Back to Nature Foods, a portfolio company of Brynwood Partners VI.

The financial terms of the transaction have not been disclosed.

Launched by Nabisco in 1992, SnackWell’s offers a range of reduced-fat and fat-free cookies and crackers including Creme Sandwich Cookies, Devil’s Food Cakes, Fudge Pretzels, Yogurt Pretzels, and Popcorn products.

Back to Nature president and CEO Vincent Fantegrossi said that SnackWell’s is an iconic brand and Back to Nature is excited about the potential that the acquisition brings to the company.

"SnackWell’s significantly increases our scale in the important cookie and cracker categories," he added.

Brynwood VI senior managing partner and Back to Nature non-executive chairman Henk Hartong said, "We are excited to continue to work with Mondelez Global LLC in our collective efforts to maximise the value of Back to Nature, which will be enhanced by the addition of SnackWell’s."

Brynwood Partners will combine the acquired entity with its Back to Nature cookies and granola business, reports The Wall Street Journal.

In 2012, Brynwood VI and Mondelez Global formed the Back to Nature joint venture, in which the private equity firm owned the controlling share, while Mondelez retained a minority position.

Last week, Brynwood Partners V signed a deal to sell its investment in DeMet’s Candy to Turkish firm Yildiz Holdings for $221m.

Established in 1984, Brynwood Partners makes control investments in North American lower middle market companies in the consumer sector and it currently manages more than $900m of private equity capital.