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Charlesbank Capital Partners, Partners Group to Acquire Hearthside Food Solutions from Goldman Sachs, Vestar CapitalĀ 
Tuesday 24 April 2018

24 April 2018 - Boston, US-based private equity firm Charlesbank Capital Partners and Switzerland-based private markets investment manager Partners Group have agreed to acquire Illinois, US-based independent bakery Hearthside Food Solutions from New York-based investment bank Goldman Sachs and New York-based private equity firm Vestar Capital Partners, the companies said.

Terms of the transaction were not disclosed.

Following the investment, Partners Group and Charlesbank will work with Hearthside's management team on a number of value creation initiatives focussed on promoting organic growth by providing customers with a range of product solutions, executing select add-on acquisitions to further expand the business into adjacent industries and geographies and optimising existing manufacturing processes.

Charlesbank Capital Partners is a middle-market private equity investment firm managing more than USD 5.0bn of capital. Charlesbank focusses on management-led buyouts and growth capital financings and also engages in opportunistic credit investments.

Partners Group is a global private markets investment management firm with over EUR 62bn (USD 74bn) in investment programmes under management in private equity, private real estate, private infrastructure and private debt.

Hearthside produces a broad range of high-quality nutrition bars, cookies, cereals and other baked foods and snacks for some of the world's premier food brands. It operates 25 manufacturing facilities across the US and Europe and employs around 7,900 people.
Ropes and Gray, Goodwin Procter and Latham and Watkins acted as legal advisors, KPMG and PwC as financial advisors and Jefferies as M and A advisor to Charlesbank and Partners Group. Davis Polk acted as legal advisor, and Barclays and Goldman Sachs acted as financial advisors to Hearthside.
Date Published: 24/04/2018
Target: Food Solutions
Country: USA
Sector: Food/Beverages/Tobacco
Type: JV
Status: Agreed
Vendor: Goldman Sachs, Vestar Capital Partners
Buyer: Charlesbank Capital Partners, Partners Group
Buyer Advisor: Ropes and Gray , Goodwin Procter , Latham and Watkins , KPMG , PwC , Jefferies
Terms of the deal were not disclosed