Breaking News

U.K. August Inflation Slows to 1.5%, Matching Median Estimate
Tweet TWEET

Hearthside Food Said to Seek $1 Billion With Bids Due This Week

Hearthside Food Solutions LLC, which makes snacks sold under other companies’ brand names, may fetch offers of about $1 billion in a sale with final bids due this week, said people with knowledge of the matter.

BC Partners Holdings Ltd., Goldman Sachs Group Inc.’s private-equity arm and Oak Hill Capital Partners LP are the remaining bidders for Hearthside, which is being sold by Wind Point Partners LP, said the people, asking not to be named because the discussions are private.

Barclays Plc started an auction for Downers Grove, Illinois-based Hearthside late last year, seeking to sell the business for $1 billion, said the people. Hearthside’s earnings before interest, taxes, depreciation and amortization were around $120 million last year, according to one of the people.

Wind Point bought the business in 2009, data compiled by Bloomberg show. Hearthside, which makes pretzels and cookies for consumer-product companies in North America, sold a ready-to-eat cereals and granola-making business to Post Holdings Inc. last year, according to its website.

Representatives for BC Partners and Barclays declined to comment on the sale. Spokesmen for Wind Point and Oak Hill didn’t reply to phone calls and e-mails seeking comment.

Chicago-based Wind Point, which manages about $2.8 billion assets, also owns snack food maker Shearer’s Foods LLC and meat product maker Rupari Food Services Inc.

To contact the reporter on this story: Jodi Xu in New York at jxu205@bloomberg.net

To contact the editor responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.