Private equity firm North Castle Partners has recapitalised flatbread maker Flatout in partnership with co-founders Stacey and Mike Marsh.
Glencoe Capital’s Michigan Opportunities Fund participated on the recapitalisation, the terms of which were not disclosed.
Founded over ten years ago, Flatout manufactures and markets healthy flatbreads, wraps, and snack crisps sold under its own Flatout brand to the grocery, mass, club store and food-service channels.
"Providing consumers with healthy nutrition options is paramount to North Castle’s mission to build industry leading companies in the healthy living and aging market," says Chip Baird, North Castle’s managing partner. "We are proud to welcome Stacey and Mike Marsh and the entire Flatout team into the North Castle family. We look forward to sharing our knowledge, network and experience in this space with such exceptional entrepreneurs."
"We are excited to be partnering with North Castle given their successful track record of growing strong, niche brands like ours into nationally recognised brands like Naked Juice," says Stacey Marsh, chief executive of Flatout.
North Castle, a private equity firm focused on consumer businesses that promote health and wellness, has current investments in Atkins Nutritionals and Bora Bora Organic Foods.
Glencoe Capital is an investor in branded food companies, including in the specialty breads sector. Its investment in Flatout is the fourth by its Michigan Opportunities Fund.
Lincoln International advised Flatout on the transaction. Morrison Cohen provided legal counsel to North Castle.
