Vestar Money Companions Helps make a Greater part Financial commitment in Dr. Praeger’s Practical Foods, a Chief in Far better-For-You Plant-Primarily based Food
NEW YORK, Jan. 21, 2021 /PRNewswire/ — Vestar Capital Companions, a leading U.S. middle-market place personal equity company, introduced nowadays that it has made a the greater part expansion financial investment into Dr. Praeger’s Sensible Foods, a quick-rising model specializing in scrumptious, wholesome plant-based frozen and refrigerated food items built from straightforward substances. Phrases of the transaction have been not disclosed.
Dr. Praeger’s has been a pioneer in the greater-for-you foodstuff area for a lot more than 25 decades. Founded in 1994 by two coronary heart surgeons with a mission to deliver nutritious, delectable and practical frozen foods, Dr. Praeger’s offers a assortment of vegan, vegetarian, gluten free of charge, soy cost-free, Kosher, and non-GMO food items. The firm’s vegetable-concentrated strains of veggie burgers, meat choice burgers, sausages and nuggets, kids Littles, appetizers, snacks, breakfasts and sides are sold in main foods suppliers, in retailers and on-line, nationwide.
Headquartered in Elmwood Park, New Jersey, Dr. Praeger’s is led by next technology spouse and children associates Larry Praeger, CEO, and Adam Somberg, President, who will be continuing in their existing roles and will keep on being sizeable buyers in the business.
“We are really proud of the large development greater-for-you food brand name our households have built,” stated Mr. Praeger. “When our fathers co-established the firm 25 yrs in the past, they ended up really innovators. In modern aggressive marketplace, our partnership with Vestar will aid provide the economic backing, industry interactions and group expertise to proceed to make on our momentum.”
“The U.S. superior-for-you marketplace has never been much better, and we are enthusiastic to companion with a business that has been at the forefront of this pattern and is aware the current market intimately,” said Winston Tune, Taking care of Director and Co-Head of Purchaser at Vestar. “Larry and Adam have finished a tremendous career creating the enterprise and creating new goods that talk to today’s buyers – flexitarians, vegetarians, vegans and those people who request a healthier way of living. We appear forward to partnering with the Praeger and Somberg people as perfectly as the senior administration group to strategically accelerate growth.”
“With Vestar’s support, the business aims to launch further merchandise innovations that will proceed to produce balanced, terrific tasting foodstuff at an beautiful value,” claimed Mr. Somberg. “We are lucky to have some of the most loyal buyers in the industry, but with more buyers having in and seeking for improved food options, the timing could not be far better to workforce with Vestar to discover ways to extend the model.”
As section of Vestar’s investment decision, Jeffrey Ansell, a 35+ year shopper market veteran and Senior Advisor to Vestar, will be a part of the Dr. Praeger’s board as Chairman. He is at the moment Chairman of Data Sources Inc. (IRI), a details, insights, and details expert services enterprise serving the client products and solutions business. Mr. Ansell was beforehand Chairman and CEO of Solar Goods, CEO of Pinnacle Food items, and prior to that expended 25 several years in management positions at Procter & Gamble.
“Larry and Adam have inspired and led an impressive business featuring impressive, much healthier foodstuff solutions that align with choices present day customers are searching for,” explained Mr. Ansell. “You will find terrific chance to construct on this strong foundation and develop the Dr. Praeger’s manufacturer by means of elevated consciousness, demo, distribution and continued innovation. Vestar has a extensive background of partnering with corporations to improve these fundamentals and assist place them for bigger success.”
Dr. Praeger’s marks the most recent investment in Vestar’s lengthy heritage of investing driving relatives and founder-owned companies focused on greater-for-you foodstuff. The firm’s current food stuff investments involve Very simple Mills, an innovative, market place-foremost improved-for-you cracker, cookie and baking blend manufacturer in the all-natural and organic channel, Roland Foodstuff, a primary importer and supplier of specialty meals, Nonni’s, a main manufacturer of premium artisanal cookies and baked products, and Existence Advertising, the leading national profits broker focused completely to representing natural and organic food, beverage and particular care manufacturers.
Kirkland & Ellis LLP served as legal counsel and Piper Sandler & Co. acted as economical advisor to Vestar. Giannuzzi Lewendon served as authorized counsel and J.P. Morgan acted as financial advisor to Dr. Praeger’s. 
About Dr. Praeger’s
For above 25 decades, Dr. Praeger’s Wise Foodstuff has made available delightful and effortless frozen food stuff selections for the entire family. Started by two heart surgeons established to make balanced meals quickly accessible, the business stays loved ones-owned and operated. Dr. Praeger’s is a chief in the all-organic, vegetarian, vegan, gluten absolutely free and kosher frozen foods classes and has the #1 marketing SKU, California Veggie Burger, at Total Meals as nicely as a large assortment of solutions together with Veggie Burgers, Bowls, Cakes, Puffs and Hash Browns, sustainable Seafood items, little ones Littles and a lot more. For much more information visit www.drpraegers.com.
About Vestar Money Associates
Vestar Cash Associates is a top U.S. middle-market place personal fairness organization specializing in management buyouts and expansion capital investments. Vestar invests and collaborates with incumbent administration teams and private house owners to build long-time period organization worth, with a focus on Client, Small business & Engineering Products and services and Health care. Considering that its founding in 1988, Vestar funds have invested $7 billion in 83 organizations – as nicely as much more than 200 incorporate-on acquisitions – with a complete benefit of about $50 billion. For far more information on Vestar, remember to go to www.vestarcapital.com.
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