Wind Point in sponsor-to-sponsor food deal

The Chicago private equity firm has added to portfolio company Nonni’s via the acquisition of Old London Foods from New York investment firm Dubilier & Co.

Chicago-and Southfield, Michigan-based private equity firm Wind Point Partners, through its portfolio company Nonni’s Food, has announced the acquisition of Old London Foods, a manufacturer of melba toast, breadcrumbs and specialty snacks, for an undisclosed price.

Old London is owned by Dubilier & Co, a New York investment firm founded by Michael Dubilier, the son of Clayton, Dubilier & Rice co-founder, Martin Dubilier.

The transaction comes less than ten months after Wind Point purchased the manufacturer of biscotti and bagel chips from private equity firm Swander Pace in a deal reportedly valued at $80 million to $100 million (€67 million to €83 million at the time). As part of that transaction, Swander Pace kept two of Nonni’s business lines:  Mrs. Fields cookies and Cape Cod potato chips.

The acquisition of Old London does not appear to be the end of the acquisition trail for Nonni’s. In a statement, chief executive officer Tim Harris noted that the combined company will quickly position itself to make future acquisitions. Harris, the former president and chief operating officer of ConAgra’s refrigerated prepared food groups, joined Nonni’s at the time of the Wind Point buyout.

Founded in 1983, Wind Point Partners manages over $1 billion in capital. The firm closed its fifth fund on $476 million in May 2003.