Permira Funds Complete Acquisition of Medora Snacks and Ideal Snacks01 July 2015
Permira, the international private equity firm, today announced that a company backed by the Permira funds has successfully completed the acquisition of Medora Snacks, LLC (“Medora”) and Ideal Snacks Holding Corporation (“Ideal”). As of the closing, the Permira funds combined Medora and Ideal under a holding company called BFY Holdings I, LLC (“BFY Holdings”).
With the backing of the Permira funds, BFY Holdings will be well-positioned to create a global, diversified, better-for-you snack company, directly addressing the growing consumer trends toward healthier living and eating. By expanding brand awareness and distribution of existing products, including PopCorners®, and introducing innovative, new products, the company plans to transition from its better-for-you snack manufacturing heritage to a global, branded leader in better-for-you snacking.
Zeke Alenick, founder of both Medora and Ideal, along with other members of management will remain with BFY Holdings and own a minority stake in the company going forward. Medora and Ideal will maintain their current facilities in Middletown, NY and Liberty, NY, respectively.
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