Vestar Capital Partners acquires stake in Dr Praeger’s Sensible Foods

US-based middle-market private equity firm Vestar Capital Partners has invested in plant-based frozen and refrigerated foods maker Dr Praeger’s Sensible Foods.

Headquartered in Elmwood Park, New Jersey, Dr Praeger’s offers a wide range of vegan, vegetarian, gluten-free, soy-free, kosher, and non-GMO foods.

Its offerings include vegetable-focused lines of veggie burgers, meat alternative burgers, sausages and nuggets, appetizers, snacks, breakfasts and sides.

Financial details of the investment have not been disclosed.

Vestar Capital Partners managing director and co-head of consumer Winston Song said: “The US better-for-you market has never been stronger, and we are excited to partner with a company that has been at the forefront of this trend and knows the market intimately.

“Larry and Adam have done a tremendous job building the company and developing new products that speak to today’s consumers – flexitarians, vegetarians, vegans and those who seek a healthier lifestyle.

“We look forward to partnering with the Praeger and Somberg families, as well as the senior management team to strategically accelerate growth.”

According to the transaction, Dr Praeger’s second-generation family member Larry Praeger will continue as the company’s CEO while Adam Somberg will be continuing in his existing role as president.

Both Larry Praeger and Adam Somberg will remain significant investors in the company.

Praeger said: “We are extremely proud of the high growth better-for-you food brand our families have built.

“When our fathers co-founded the company 25 years ago, they were true innovators. In today’s competitive market, our partnership with Vestar will help provide the financial backing, industry relationships and category expertise to continue to build on our momentum.”

As part of Vestar’s investment, consumer industry veteran Jeffrey Ansell will join Dr Praeger’s board as chairman.