Vestar Money Associates Would make a Vast majority Investment decision in Dr. Praeger’s Wise Meals, a Leader in Much better-For-You Plant-Based Foods
NEW YORK, Jan. 21, 2021 /PRNewswire/ — Vestar Cash Associates, a primary U.S. middle-sector private fairness firm, announced nowadays that it has manufactured a the greater part advancement investment decision into Dr. Praeger’s Practical Meals, a quick-growing brand specializing in delicious, healthy plant-based frozen and refrigerated foodstuff designed from simple elements. Conditions of the transaction had been not disclosed.
Dr. Praeger’s has been a pioneer in the superior-for-you foods area for extra than 25 many years. Founded in 1994 by two heart surgeons with a mission to provide healthy, mouth watering and hassle-free frozen foodstuff, Dr. Praeger’s provides a range of vegan, vegetarian, gluten totally free, soy totally free, Kosher, and non-GMO foodstuff. The firm’s vegetable-centered lines of veggie burgers, meat alternative burgers, sausages and nuggets, young ones Littles, appetizers, snacks, breakfasts and sides are sold in top food items merchants, in shops and online, nationwide.
Headquartered in Elmwood Park, New Jersey, Dr. Praeger’s is led by next era relatives users Larry Praeger, CEO, and Adam Somberg, President, who will be continuing in their existing roles and will continue to be major traders in the organization.
“We are really proud of the large development better-for-you food brand name our households have developed,” stated Mr. Praeger. “When our fathers co-established the corporation 25 many years back, they have been definitely innovators. In present day aggressive market, our partnership with Vestar will aid present the financial backing, field interactions and class expertise to continue to make on our momentum.”
“The U.S. superior-for-you market place has under no circumstances been stronger, and we are excited to partner with a company that has been at the forefront of this craze and understands the current market intimately,” said Winston Tune, Controlling Director and Co-Head of Shopper at Vestar. “Larry and Adam have accomplished a tremendous task creating the corporation and acquiring new products and solutions that talk to present day people – flexitarians, vegetarians, vegans and those people who look for a healthier way of living. We search forward to partnering with the Praeger and Somberg family members as very well as the senior administration workforce to strategically speed up development.”
“With Vestar’s assistance, the firm aims to start further more products innovations that will continue on to produce healthy, excellent tasting food items at an beautiful value,” mentioned Mr. Somberg. “We are privileged to have some of the most faithful clients in the field, but with a lot more customers taking in in and hunting for much better foods selections, the timing couldn’t be improved to team with Vestar to take a look at ways to increase the model.”
As part of Vestar’s investment decision, Jeffrey Ansell, a 35+ yr consumer marketplace veteran and Senior Advisor to Vestar, will sign up for the Dr. Praeger’s board as Chairman. He is at this time Chairman of Details Means Inc. (IRI), a data, insights, and details providers company serving the customer items sector. Mr. Ansell was previously Chairman and CEO of Sunshine Products, CEO of Pinnacle Meals, and prior to that spent 25 several years in management positions at Procter & Gamble.
“Larry and Adam have encouraged and led an spectacular corporation featuring impressive, healthier meals products that align with possibilities present day shoppers are looking for,” explained Mr. Ansell. “You can find terrific opportunity to construct on this potent foundation and grow the Dr. Praeger’s brand by improved consciousness, demo, distribution and ongoing innovation. Vestar has a lengthy historical past of partnering with providers to improve these fundamentals and enable posture them for bigger results.”
Dr. Praeger’s marks the most new financial commitment in Vestar’s lengthy background of investing powering family and founder-owned organizations centered on better-for-you food items. The firm’s latest foodstuff investments include things like Easy Mills, an revolutionary, market-top much better-for-you cracker, cookie and baking mix brand name in the natural and organic and natural channel, Roland Foods, a major importer and supplier of specialty foodstuff, Nonni’s, a top producer of top quality artisanal cookies and baked goods, and Presence Advertising, the major nationwide profits broker committed completely to symbolizing all-natural and organic meals, beverage and particular care brands.
Kirkland & Ellis LLP served as lawful counsel and Piper Sandler & Co. acted as monetary advisor to Vestar. Giannuzzi Lewendon served as legal counsel and J.P. Morgan acted as money advisor to Dr. Praeger’s.
About Dr. Praeger’s
For around 25 yrs, Dr. Praeger’s Sensible Foodstuff has presented mouth watering and easy frozen food stuff options for the complete loved ones. Founded by two coronary heart surgeons identified to make balanced food stuff conveniently obtainable, the corporation continues to be family members-owned and operated. Dr. Praeger’s is a leader in the all-all-natural, vegetarian, vegan, gluten cost-free and kosher frozen food stuff types and has the #1 promoting SKU, California Veggie Burger, at Complete Food items as perfectly as a broad variety of solutions which includes Veggie Burgers, Bowls, Cakes, Puffs and Hash Browns, sustainable Seafood products, young children Littles and a lot more. For a lot more information and facts visit www.drpraegers.com.
About Vestar Capital Partners
Vestar Money Partners is a primary U.S. middle-market private equity business specializing in administration buyouts and development capital investments. Vestar invests and collaborates with incumbent management groups and private owners to construct extended-phrase business price, with a target on Consumer, Company & Technology Solutions and Healthcare. Considering the fact that its founding in 1988, Vestar funds have invested $7 billion in 83 providers – as properly as far more than 200 add-on acquisitions – with a overall worth of roughly $50 billion. For additional details on Vestar, you should go to www.vestarcapital.com.
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