Greenwich private equity firm Brynwood Partners has purchased Pearson Candy Co. in St. Paul, Minn undisclosed sum, The Minneapolis Star Tribune reports.
The 101-year old candy maker, whose brands include Salted Nut Rolls and Nut Goodies, has been owned and operated by Larry Hassler since 1985, the paper said.
Henk Hartong III, a Brynwood senior managing partner and now Pearson’s chairman, called Pearson an “iconic confectionery business” and a “teffific addition” to the private equity fund’s portfolio. “We expect Pearson to become a great platform for additional acquisitions in the candy sector.”
Brynwood has other candy industry investments, including in DeMet’s Candy Co, maker of the Turtles brand.
With the sale, Michael Keller, former chief marketing officer at International Dairy Queen, will become Pearson’s president and chief executive officer. Hassler will remain with the company
