Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Standard Candy Company (“Standard Candy”) in its recently completed sale of Standard Functional Food Group (“SFFG” or the “Company”) to Hearthside Food Solutions (“Hearthside”).
Headquartered in Nashville, Tennessee, Standard Candy began as a regional confectioner in 1901 and in 1999 expanded into the contract manufacturing of meal-replacement and sports nutrition bars for many of the largest food companies and brands in the United States. Standard Candy will retain its famous Goo-Goo Clusters, which will continue to be made in Nashville and sold at the Goo-Goo Shop retail store in downtown Nashville.
Hearthside is the largest independent bakery in the U.S. and a full-service contract manufacturer of high-quality snack food products and packaging. The addition of SFFG will bring Hearthside’s total number of production facilities to 24. “In addition to new network capacity, geographic reach and production capabilities, SFFG brings leadership in R&D with their ability to design, formulate and commercialize the increasingly complex nutrition and energy bars customers are demanding,” said Rich Scalise, Hearthside Chairman and CEO.
“We are very proud of the business our team has built over these past years,” stated James W. Spradley, Jr., Chief Executive Officer. “BCA, our exclusive investment banking advisor, played a critical role in positioning the forward-looking financial outlook associated with several recently signed large contracts. They spent countless hours preparing the analysis supporting these financial results, negotiating key business terms and working through several complicated transaction structural issues. The value that this team negotiated on our behalf was incredible. Standard Candy has had a longstanding relationship with the members at BCA, and we could not be more excited with the outcome of this transaction.”
Tom Wylly, Senior Partner of Brentwood Capital Advisors, added “Over the past 18 years, Standard Candy has grown from a niche confectionary business to a nationally known and highly respected contract manufacturer. We were pleased to serve as Standard Candy’s exclusive advisor on this important transaction and enjoyed working with Jimmy Spradley and his team.”
About Standard Candy Company
Based in Nashville, Tennessee, Standard Candy is a privately held, family business established over 100 years ago. The company is best known for its signature product, the Goo-Goo Cluster candy bar. In 1999, Standard Candy expanded into the contract manufacturing business with the establishment of its subsidiary, Standard Functional Food Group. For more information, please visit http://www.sffgi.com.
About Brentwood Capital Advisors
Based in Franklin, Tennessee, Brentwood Capital Advisors LLC is one of the South’s leading boutique investment banks that provides mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor in over successfully closed transactions totaling approximately $5.5 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 18 investment banking professionals. For more information, please visit www.brentwoodcapital.com