Vestar Capital Partners, a leading US private equity firm, has made a majority growth investment into Dr. Praeger’s Sensible Foods, a fast-growing brand specializing in plant-based frozen and refrigerated foods. Terms of the transaction were not disclosed.
Headquartered in Elmwood Park, New Jersey, Dr. Praeger’s is led by second generation family members Larry Praeger, CEO, and Adam Somberg, president, who will be continuing in their current roles.
“We are extremely proud of the high growth better-for-you food brand our families have built,” Larry Praeger said. “When our fathers co-founded the company 25 years ago, they were truly innovators. In today’s competitive market, our partnership with Vestar will help provide the financial backing, industry relationships and category expertise to continue to build on our momentum.”
As part of Vestar’s investment, Jeffrey Ansell, a 35+ year consumer industry veteran and senior advisor to Vestar, will join the Dr. Praeger’s board as chairman. He is currently chairman of Information Resources Inc. (IRI), a data, insights, and information services company serving the consumer products industry. Ansell was previously chairman and CEO of Sun Products, CEO of Pinnacle Foods, and prior to that spent 25 years in leadership positions at Procter & Gamble, according to a press release.
“The US better-for-you market has never been stronger, and we are excited to partner with a company that has been at the forefront of this trend and knows the market intimately,” Winston Song, managing director and co-head of Consumer at Vestar said. “Larry and Adam have done a tremendous job building the company and developing new products that speak to today’s consumers – flexitarians, vegetarians, vegans and those who seek a healthier lifestyle. We look forward to partnering with the Praeger and Somberg families as well as the senior management team to strategically accelerate growth.”