Today, Brynwood Partners announced it has purchased the SnackWell's business from Mondelez International (NASDAQ: MDLZ ) for an undisclosed amount. Brynwood Partners purchased the brand that offers reduced-fat cookies and other snacks through its Back to Nature Foods Company subsidiary, which it formed in 2012, with Mondelez holding a minority position in the company.
"We are thrilled to announce the SnackWell's transaction and are honored that Mondelēz Global LLC has the confidence in Brynwood Partners to add another brand to this unique joint venture arrangement," said one of the partners at Brynwood, Henk Hartong, in a statement.
SnackWell's, originally launched in 1992 by Nabisco, bills itself as selling healthier snacks, including in portion-control packets.
"We look forward to owning the SnackWell's brand and integrating it into our Back to Nature organization," said Vincent Fantegrossi, President and CEO of Back to Nature, in the Brynwood press release. "Its healthy attributes, loyal consumer base, and strong distribution make SnackWell's a very complementary product line offering to our Back to Nature products. SnackWell's is an iconic brand and we are excited about the potential that this acquisition brings to our company."
According to Brynwood, the Back to Nature brand is "committed to providing high quality options for people who want foods they can feel good about eating because they have no artificial flavors or preservatives."
Laurie Guzzinati, the North America regional director of Mondelez Global. said in a statment that the sale "builds on the success of the Back to Nature joint venture ... providing Snackwell's with greater focus to reinvigorate and drive growth for the brand, while we retain a significant financial stake in its success."
Earlier this month, Modelez announced a variety of actions to return capital to shareholders, including an additional $1.7 billion in share repurchases (up from $6 billion) and a $0.14-per-share dividend.
Mondelez International Inc. last year split from Kraft Foods Group Inc., which kept North American grocery brands such as Miracle Whip and Jell-O. Mondelez runs a global snacks business with brands including Cadbury, Chips Ahoy!, Oreo, and Ritz.
-- Material from The Associated Press was used in this report.