Benestar Brands acquires Miller Baking Company in US

Benestar Brands (Benestar) has acquired Miller Baking Company, the manufacturer of Pretzilla branded soft pretzel bites and buns.

The deal value was not made public.

Headquartered in Milwaukee, Wisconsin, Pretzilla is engaged in the production of fresh soft pretzel bread at its two Milwaukee-based facilities.

It offers a wide range of soft pretzel products such as burger buns, mini buns, sausage buns and bites, which are distributed nationally to more than 10,000 stores.

The company claims that all its products are non-GMO, allergen-friendly, vegan, and kosher.

Miller Baking Company owner Brian Miller said: “This is an exciting time for Pretzilla. What started as a simple passion for baking pretzel bread has grown into an amazing brand that is recognised in households across the US.

“I’m extremely proud of what the Pretzilla team and its leadership have been able to accomplish. I look forward to watching the brand achieve totally new levels of success with the Highlander and Benestar teams.”

Benestar is a portfolio company of US-based private investment firm Highlander Partners.

Benestar Brands CEO Carl E Lee said: “Pretzilla is a uniquely positioned brand. It is already a beloved household name with great awareness, yet it has hardly scratched the surface of its market opportunity.

“With Benestar’s retail relationships and penchant for product innovation, we think there is an incredible opportunity to take Pretzilla to the next level.

“We know the pretzel category well and are amazed by the strides Brian Miller and his team have made to develop and produce products with such a high level of consistent quality. We are thrilled to welcome Pretzilla to the Benestar family and look forward to continued growth, through both driving new snack innovations and accelerating existing products.”

For this deal, Cascadia Capital acted as a financial adviser to Miller Baking Company.

In addition, Antares Capital provided senior financing facilities and Norwest Mezzanine Partners offered mezzanine debt and equity in support of the transaction.

In February, Highlander Partners acquired a majority stake in Romanian food brand SanoVita for an undisclosed sum.

Based in Râmnicu Vâlcea, Romania, SanoVita offers a wide range of products, including snacks, cereals, rice cakes, tofu, mueslis, nuts and seed mixes.