Hostess Brands has announced it has reached an agreement to acquire Burlington, Ont.-based cookie maker Voortman from private equity firm Swander Pace Capital for approximately $425 million.
"Voortman is a leading brand with a well-defined consumer position that complements and extends the growing Hostess portfolio into the growing cookie and better-for-you sweet snacking categories with meaningful runway for future growth," said Andy Callahan, president and CEO of the Kansas City-based snack manufacturer in a release.
Voortman is a top player in creme wafer and sugar-free cookies, and CEO Douglas MacFarlane said in a statement that the team was excited about becoming part of the Hostess portfolio and the prospects for further growth. The cookie company was founded by brothers William and Harry Voortman in 1951, who emigrated to Canada from The Netherlands in 1948.
The transaction, subject to closing conditions, is expected to be complete in early January.