Food Business News - August 30, 2011 - (Page 10)

Private equity group acquires Minnesota-based candy company managing partner of Brynwood VI. “Pearson is an iconic confectionery business and is a terrific addition to Brynwood VI’s portfolio. We expect Pearson to become a great platform for additional acquisitions in the candy sector. We are grateful to have had the chance to work with Larry Hassler and look forward to continuing to grow the great company he has built.” In addition to Pearson Candy, Brynwood Partners has an investment in DeMet’s Candy Co. and owns Balance Bar Co., which was recently acquired from Kraft Foods Inc. Other companies in which Brynwood once invested include Lincoln Snacks Co., Richelieu Foods, Inc. and Stella D’oro Biscuit Co., Inc. “Having owned and operated Pearson since 1985, I am confident that I am leaving the company in good hands with Brynwood VI,” Mr. Hassler said. “Given Brynwood Partners’ experience in the food space, I am confident that Brynwood will have great success in enhancing the value of the organization.” Pearson Candy Co. has been managed by a number of different companies since its founding in 1909, including an ownership stint by ITT/Continental Baking in the late 1960s until the late 1970s. FBN F.D.A. seeks more comments on phytosterols WASHINGTON — The Food and Drug Administration has reopened the comment period for a proposed rule to amend regulations on plant sterol/stanol esters and risk of coronary heart disease, according to the Aug. 11 Federal Register. Electronic or written comments should be submitted by Oct. 25. The Federal Register of Dec. 8, 2010, originally proposed to amend its regulations. Some of GREENWICH, CONN. — Brynwood Partners VI L.P. has acquired Pearson Candy Co., a St. Paul, Minn.-based maker of Pearson’s Salted Nut Roll, Pearson’s Mint Patties, Pearson’s Nut Goodies and Pearson’s Bun brands. The company previously was owned by Larry Hassler. With the acquisition, Brynwood has named Michael Keller, former chief marketing officer at International Dairy Queen, as president and chief executive officer. Mr. Keller will take over for Mr. Hassler, and Mr. Hassler will stay with the company in a consulting position during the transition period. “We are pleased to announce the acquisition of Pearson Candy Co., and we are excited to attract an executive of Michael Keller’s caliber to this opportunity,” said Henk Hartong III, chairman of Pearson Candy Co. and senior MegaMex acquires Fresherized Foods CHINO, CALIF. — MegaMex Foods L.L.C., a joint venture of Hormel Foods Corp. and Herdez Del Fuerte, S.A. de C.V., has acquired Fresherized Foods, which produces Wholly Guacamole, Wholly Salsa and Wholly Queso products with expected annual sales of about $140 million. “We look forward to the growth Wholly Guacamole, Wholly Salsa and Wholly Queso products will add to the MegaMex Foods portfolio of products,” said Enrique Hernandez-Pons Torres, chairman of the board for MegaMex Foods. “This acquisition enhances the position of MegaMex Foods as a one-stop shop for Mexican foods.” Wholly Guacamole offers branded prepared guacamole in the United States. “We are pleased with the closing of this purchase,” said Luis G. Marconi, managing director at MegaMex Foods. “Guacamole continues to build in popularity among consumers not only as a nutritious and flavor-enhancing dip, but also as a sandwich spread. We look forward to developing programs with these products that will expand the presence of our Mexican-inspired food products in the marketplace.” FBN the revisions included adopting the term “phytosterols” as inclusive of both plant sterols and stanols; permitting claims on product with phytosterols, derived from either vegetable oils or tall oils, containing at least 80% of beta-sitosterol, campesterol, stigmasterol, sistostanol, and/or campestanol (combined weight); and revising the daily dietary intake of phytosterols necessary to justify the coronary heart disease risk reduction claim of 2 grams per day and the minimum amount of phytosterols (non-esterified weight) required to be in a serving of the food at 0.5 grams per reference amount customarily consumed (RACC). The F.D.A. originally took comments until Feb. 22, 2011, and now has reopened the comment period. Electronic comments may be sent by visiting w w w. r e g u l a t i o n s . g o v. Written comments may be sent to Division of Dockets Management (HFA305), Food and Drug Administration, 5630 Fishers Lane, Room 1061, Rockville MD 20852. FBN 10 FOODBUSINESS NEWS ® August 30, 2011

Table of Contents for the Digital Edition of Food Business News - August 30, 2011

Food Business News - August 30, 2011
Web Contents
Editorial - Food itself plays major role in demand for food
Private equity group acquires Minnesota-based candy company
F.D.A. seeks more comments on phytosterols
MegaMex acquires Fresherized Foods
Nestle updates nutrition labeling system
OpenGate Capital to acquire Dean Foods facility
Walgreens launches Nice! store brand
Hormel Foods earnings up 15% in quarter
With charges, Heinz income down 6% in quarter
Consumers dissatisfi ed with frozen meal portions
Kraft cutting coffee prices 6%
California Pizza hires G.J. Hart as president, c.e.o.
Accountability at the heart of new food safety law
General Mills, Batter Blaster win G.M.A. innovation awards
Rowland acquisition boosts Smucker earnings
Coca-Cola, partners to invest $4 billion in China
July milk production up 0.8%
Washington - ' Fit for Life' bill targets childhood obesity
Soaring egg prices, egg products still rising
Health and Wellness - From digestive health to weight management
Ingredient Innovations - Tropical assistance
New Product Trends - Natural, low-calorie refreshment
New Food Products
INGREDIENT MARKET TRENDS - Statistics Canada forecasts record canola crop
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News
Feature - Hormel Foods earnings up 15% in quarter
Feature - Natural, low-calorie refreshment
Feature - Soaring egg prices peaking, egg products still rising

Food Business News - August 30, 2011