Goldman Sachs and Vestar Capital Partners Complete Acquisition of Hearthside Food Solutions

  Goldman Sachs and Vestar Capital Partners Complete Acquisition of Hearthside
  Food Solutions

Business Wire

NEW YORK -- June 3, 2014

Goldman Sachs and Vestar Capital Partners announced today that they have
completed their acquisition of Hearthside Food Solutions, the largest
independent bakery and contract food manufacturer in North America. The
transaction was previously announced on March 19, 2014; terms were not
disclosed. Goldman Sachs and Vestar will own equal stakes in the company going

Affiliates of Barclays Capital and Goldman Sachs provided commitments for the
debt financing for the transaction. Davis Polk & Wardwell LLP acted as the
legal advisor to Goldman Sachs and Vestar in this transaction.

About Hearthside Food Solutions

Hearthside Food Solutions, headquartered in Downers Grove, Illinois, is the
nation’s largest independent bakery and a full-service contract manufacturer
of high quality, grain-based food and snack products for many of the world’s
leading premier brands. Hearthside offers a diverse product portfolio focused
on four main platform categories – bars, cookies/crackers, granola/cereals,
and snacks. Hearthside operates 20 food-manufacturing facilities in eight
states. For more information on Hearthside Food Solutions,

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that includes
corporations, financial institutions, governments, and high-net-worth
individuals. Founded in 1869, the firm is headquartered in New York and
maintains offices in all major financial centers around the world.

About Vestar Capital Partners

Vestar Capital Partners is a leading U.S. middle-market private equity firm
specializing in management buyouts and growth capital investments. Vestar
invests and collaborates with incumbent management teams and private owners in
a creative, flexible and entrepreneurial way to build long-term enterprise

Vestar has a successful track record in the food industry, with past
investments in companies including Celestial Seasonings, Michael Foods and
Birds Eye. Currently, Vestar’s portfolio includes Del Monte – now Big Heart
Pet Brands, the largest pet snack company in U.S. – and specialty foods leader
Roland Foods.

Vestar is targeting equity investments in the range of $50 million to $150
million in U.S.-based middle-market companies with enterprise values ranging
from $200 million to $1 billion. Vestar has extensive experience investing
across a wide variety of industries including Consumer, Healthcare, Digital
Media, Information Services, Diversified Industries, and Financial Services.
Since Vestar’s founding in 1988, Vestar funds have completed more than 70
investments in companies with a total value of more than $40 billion. For more
information, please visit


Andrea Raphael, 212-357-0025
Owen Blicksilver Public Relations
Carol Makovich, 203-622-4781
Jennifer Hurson, 845-507-0571
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