Hostess Brands agrees to buy Voortman for $320 million
Hostess Brands has entered an agreement to acquire Voortman, a manufacturer of premium, branded wafers as well as sugar-free and specialty cookies, from Swander Pace Capital for approximately $320 million in cash.
Hostess Brands has entered an agreement to acquire Voortman, a manufacturer of premium, branded wafers as well as sugar-free and specialty cookies, from Swander Pace Capital for approximately $320 million in cash.
“Voortman is a leading brand with a well-defined consumer position that complements and extends the growing Hostess portfolio into the growing cookie and better-for-you sweet snacking categories with meaningful runway for future growth,” said Andy Callahan, Hostess’ president and CEO. “We believe the acquisition of Voortman will create significant value for all of our stakeholders. We expect the combination of Hostess’ lean, proven operating model and Voortman’s brand and adjacent category position, will result in meaningful cost savings and growth opportunities. This acquisition fits well into our long-term growth strategy and we are confident that Voortman will be a great addition to our existing sweet baked goods snacking and breakfast portfolio.”
By adding the Voortman brand, Hostess expects to compete with its uniquely positioned and differentiated products in the large and growing $8.4 billion cookie category and have greater growth opportunities provided by a more diverse portfolio of brands and products. The combined company expects to realize additional benefits of scale via sharing established, efficient infrastructure, and strengthening of collaborative retail partnerships in the United States and Canada.
The transaction has been unanimously approved by the Hostess board of directors. Under the terms of the transaction agreement, Voortman will become a wholly owned subsidiary of Hostess. The transaction is expected to close in early January 2020, subject to customary closing conditions.
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