Private equity firm Spell Capital has acquired Pearson’s Candy Company from Brynwood Partners for an undisclosed sum.
Pearson’s owns confectionery brands including Nut Goodie, Salted Nut Roll and Bit-O-Honey, and was acquired by Brynwood Partners in 2011.
Pearson’s employees and management team will remain in place following the completion of the transaction, and Spell Capital claims that it will attempt to stimulate the growth of the confectionery company, possibly through future investments.
Michael Keller, president and CEO of Pearson’s Candy Company said: “Spell will be a terrific partner and owner for Pearson’s because they understand both manufacturing and the importance of Pearson’s and its brands to the community, to customers and to our trading partners in Minnesota, the upper Midwest and around the country.”
Bill Spell, president of Spell Capital added: “Spell Capital and the significant number of Minnesota-based investors who we represent are excited to have the opportunity to own and invest in an historic Minnesota company like Pearson’s.
“At Spell, we have a passion for and an extensive interest in manufacturing-based business, and we see meaningful opportunities for improvement and growth.”
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