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Mistral Equity Partners Acquires Shearer's Foods
NEW YORK-(Business Wire)-January 28, 2008 - Mistral Equity Partners, a private equity firm focused on the consumer and media sectors, announced today the acquisition of Shearer's Foods, Inc. Headquartered in Brewster , Ohio, Shearer's is a leading producer and distributor of high quality branded, co-packed and private label seasoned snack foods and related products and is North America's largest producer of kettle chips, the fastest growing potato chip category. Shearer's is a recognized award- winning leader in the snack food industry noted for both its quality products and innovation.
"Shearer's has a leading and unique position in the snack food market that is supported by strong long-term customer relationships and an experienced and well respected management team. We look forward to working with Shearer's management to achieve new levels of growth," said Andrew R. Heyer, Mistral's Chief Executive Officer.
Shearer's management team, headed by Chief Executive Officer Robert J. Shearer, will continue in their current positions and will be investors in the transaction along with other co-investors.
"This is a great opportunity for Shearer's management, associates and our community," said Mr. Shearer. "Our focus on quality and product excellence has been a core principle of our Company throughout its history and this will continue as we grow our business."
ABOUT SHEARER'S
Founded in 1974, Shearer's employs over 700 associates in seven locations including two manufacturing plants and four distribution facilities. The Company has a comprehensive offering of branded and private label snack foods including a complete line of potato chips, tortilla chips, pretzels, cheese curls/puffs, peanuts, popcorn, corn chips and other snacks, which are distributed throughout the Midwest, New England states and parts of Canada. Shearer's has received numerous honors and awards from industry associations and customers.
ABOUT MISTRAL
Mistral Equity Partners is a New York based private equity firm founded in 2007 by Andrew R. Heyer. Mistral invests in consumer - related businesses and those that are supported by favorable underlying trends in demographics and consumer buying patterns.
