SmartSweets sells majority stake to private equity firm

Private equity firm TPG Growth has acquired a majority stake in Vancouver-based better-for-you candy brand SmartSweets. Terms of the deal were not disclosed.

Founder Tara Bosch will remain the largest individual shareholder and will maintain her seat on the board. She will focus on innovation, strategic initiatives and growing the SmartSweets community, according to a press release.

Bosch will transition her CEO responsibilities to former Voortman Bakery CEO Douglas MacFarlane. MacFarlane has also held senior leadership roles with The Clorox Company and Maple Leaf Foods.

Bosch launched SmartSweets in 2015. Today there are six products in the lineup, each crafted to mimic the taste, texture and mouthfeel of their traditional candy counterparts, minus the usual refined sugar, corn syrup, sugar alcohols and artificial ingredients. Each 50-gram, single-serve bag of candy contains 19 to 21 grams of fibre and just three to five grams of sugar.

When interviewed for Canadian Grocer's June/July 2020 issue, Bosch said her vision was “to be the global leader in revolutionizing candy, and a radically smarter choice” for consumers.

SmartSweets is now available in more than 23,000 stores across the United States and Canada, including Whole Foods Market, Loblaws and Sobeys. Sales in 2019 were $59 million, and are expected to top an estimated $95 million this year.