Private investment firm Sun Capital Partners says one of its affiliated portfolio companies, Elan Nutrition, has been purchased by ConAgra Foods.
Headquartered in Grand Rapids, Michigan, Elan Nutrition is a contract developer and manufacturer of nutritional bars serving the health and wellness, meal replacement, sports nutrition, energy bar, and nutraceuticals markets.
Elan Nutrition operates a 230,000 square foot facility in Grand Rapids.
Matthew Garff, managing director at Sun Capital, says: "We are very pleased with Elan Nutrition’s growth trajectory since acquiring the business in May 2003, and greatly enjoyed working with its capable management team to develop the company into the market leader it is today. Elan was successful in expanding its customer base, in part due to a creative product development team, and combining that growth with carefully monitoring and improving their production efficiency. As a result of these focused efforts, since 2003, company revenues have more than doubled, with an even more impressive Ebitda expansion."
