City Capital Ventures acquires Illinois-based Cookie Specialties

City Capital Ventures, a private investment firm headquartered in Chicago, has acquired Cookie Specialties, which is also known as Matt’s Cookies and based in Wheeling, Illinois.

Financial details of the transaction have not been disclosed.

As part of the transaction, Cookie Specialties has been renamed as Matt’s Cookie Company.

Set up in 1972 by Grant Pierce and operated as a family owned business, Matt’s Cookies is a manufacturer and marketer of all-natural, soft-baked cookies and fig bars.

Following the deal, the Pierce family will continue to be involved in day-to-day operations.

Matt’s Cookie Company new CEO Mike Halverson said: "Matt’s all-natural cookies and fig bars are exactly what consumers and retailers are looking for today. With over 1/4 pound of real chocolate chips in every bag, Matt’s offers consumers a tremendous value."

Halverson continued, "City Capital’s long term approach will enable us to grow the Matt’s brand and leverage the Chicago heritage and latent brand equity with a broader group of consumers and retail partners.

"What’s more, City Capital gives us access to a robust network of CPG advisors with exceptional experience and knowledge of what’s required to grow brands in today’s ingredient-conscious consumer food category."

City Capital founder and managing partner Dan Kipp said: "City Capital is excited about partnering with Mike Halverson to support Matt’s next growth phase while maintaining the company’s rich, long-standing heritage.

"We are thrilled that the company’s new CEO, Mike Halverson, has the ideal background and successful track record needed to lead Matt’s as it prudently expands beyond its core Midwest region."

"Further, given our focus on private family capital, we are especially pleased to have transacted with the Pierce family in a fashion that serves their next generation while supporting the business for a new arc of growth and expansion."

Matt’s offers cookies in six different varieties, including chocolate chip, oatmeal raisin, peanut butter, peanut butter chocolate chip, cranberry walnut, and chocolate chip pecan, in addition to premium fig bars in assorted varieties and flavours under the Zion label.

The company supplies its cookies to over 1,000 grocery and retail outlets.