Nestle has continued the pruning of its portfolio pruning with the sale of US unit Joseph’s Pasta Co. to Brynwood Partners for an undisclosed sum.
The food giant acquired Joseph’s in 2006 and operated the business under its foodservice arm, Nestle Prepared Foods. The business delivers frozen stuffed pasta to the foodservice sector. Its offering included stuffed cannelloni, ravioli, tortellini, gnocchi and manicotti.
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Nestle is trimming its portfolio and selling off non-core brands in order to increase its focus on key growth areas. Late last year, the group completed the sale of its Jenny Craig weight management assets in North America and Oceania.
Private-equity firm Brynwood acquired Joseph’s through its newly-formed portfolio company JPC Acquisition Co. Brynwood senior partner Henk Hartong said the group would look to invest behind increasing innovation at the pasta unit.
The investment vehicle has acquired five businesses from Nestle, most recently taking on the Bit-O-Honey brand last year.
Just after Christmas, Brynwood announced a deal to sell a business formed from a number of the assets it acquired from Nestle.
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By GlobalDataYildiz Holding, the owner of chocolate brand Godiva, is to acquire US confectioner DeMet’s Candy Co. from its private-equity owners for US$221m.
DeMet’s portfolio including the brands Turtles, Treasures and Flipz, was built from assets acquired from Nestle.
