ParmCrisps and Thinsters Brand Get New Owners
The investment firm that owns Proven Brands, Inc. and KTB Foods, Inc. is spinning off the ParmCrisps and Thinsters brands to The Hain Celestial Group. The sale of those better-for-you flagship brands, which do business as That's How We Roll, is estimated at $359 million.
Under investment firm Clearlake Capital Group, L.P., the ParmCrisps and Thinsters brands experienced a sixfold growth in revenue. Through its investment in new products and packaging and acquisition of original ParmCrisps manufacturer Kitchen Table Bakers, Clearlake Capital Group, L.P. helped make ParmCrisps the fastest-growing cheese crisp brand in the United States.
As it takes over the two popular brands, Hain Celestial can leverage multi-channel strategies that have been in place to accelerate brand growth in club, grocery, mass and e-commerce channels. The new owner will accommodate the ParmCrisps and Thinsters production processes by building and improving its own manufacturing capabilities, company officials said.
“ParmCrisps and Thinsters are optimally positioned to benefit from consumer preferences for clean-label and high-protein snacks,” said Mark Schiller, president and CEO of Hain. “Both brands have created loyal followings by being true to their unique value propositions. We are excited to welcome them to the Hain family and support the brands’ next chapter as part of our growing snacking platform.” In September, Hain announced its “Hain 3.0” vision and strategy, focusing on building a global food and beverage company with top-line growth.
Sammy Kestenbaum, the CEO of That’s How We Roll who managed the ParmCrisps and Thinsters operations, said the timing is right for the move. "Our company's partnership with Hain Celestial is an outstanding outcome based on our shared alignment to deliver healthy and tasty snacks with simple, wholesome ingredients. We are thrilled to have had the opportunity to partner with Clearlake, and are grateful to our customers, suppliers, and employees for their support," he remarked. "Together, we have built two leading better-for-you snack brands with significant runway for continued growth and innovation."
