Brynwood Partners VI L.P. announced that its portfolio company, Pearson Candy Co., has acquired the Bit-O-Honey confectionery brand from Nestle USA, Inc. The acquisition marks the fifth brand Brynwood Partners has acquired from Nestle. Terms and conditions of the transaction were not disclosed.
Bit-O-Honey is an iconic national brand with more than a 90-year history with U.S. consumers. Bit-O-Honey is available in a variety of formats and is widely distributed in the U.S. through leading retailers in the food, drug, mass and dollar channels.
"We are excited to announce the acquisition of the Bit-O-Honey brand," said Michael Keller, president and CEO of Pearson's in a prepared statement. "We look forward to adding the brand into Pearson's, which is known for its Pearson's® Salted Nut Roll, Pearson's® Mint Patties, Pearson's® Nut Goodies and Pearson's® Bun. We plan to bring renewed focus to the Bit-O-Honey brand by increasing its availability to consumers and by offering customers new and innovative Bit-O-Honey products."
"The acquisition of Bit-O-Honey will complement our strong Pearson's business. While management continues to focus on product innovation and expanding the company's geographic reach, the Bit-O-Honey brand has strong national awareness. We feel this acquisition will be a conduit to expand the reach of all of Pearson's brands throughout the U.S.," said Henk Hartong III, senior managing partner of Brynwood VI and chairman of Pearson's. "On behalf of Brynwood Partners and Pearson's, I would like to thank the Nestle team for its partnership in planning the sale and transition of the business."