Riverside sells organic candy brand YumEarth to ACON Investments
The private equity firm exited the Stamford, Connecticut-based candy maker founded in 2007; financial terms were not disclosed.
By Amanda Ross · Deals Correspondent
· 2 min read
The Riverside Company has sold YumEarth, a Stamford, Connecticut-based organic candy brand, to ACON Investments, PE Hub reported. The parties did not disclose financial terms, leaving the transaction value, valuation multiple and deal financing outside the public record.
YumEarth was founded in 2007 and is led by chief executive Steve Van Tassel, according to PE Hub. The company operates in the consumer and retail sector, with its brand positioned around organic candy.
The transaction transfers control of YumEarth from Riverside to ACON Investments. In a sponsor-to-sponsor sale, one private equity owner typically exits an investment by selling the portfolio company to another financial sponsor, which then takes responsibility for the next phase of ownership. PE Hub did not report the date of Riverside’s original investment, the length of its holding period or any operating metrics for YumEarth.
Riverside managing partner Loren Schlachet described YumEarth as “a compelling example of Riverside’s ability to partner with mission-driven brands to accelerate growth and create lasting value,” according to PE Hub.
The absence of disclosed terms limits outside assessment of the return generated for Riverside or the valuation being paid by ACON. PE Hub did not report whether management will remain invested alongside the new owner, whether debt financing was used, or whether any advisers worked on the transaction.
This story draws on original reporting from PE Hub.
