Swander Pace Capital (SPC), a private equity firm specialising in consumer product companies, has sold Functional Formularies, a provider of organic, whole food, shelf-stable feeding tube formulas, to Danone.
Functional Formularies supplies its products to institutional customers in hospital and long-term care settings and to retail customers via an online marketplace.
According to a press statement, since being acquired by SPC in November of 2018, the company has “benefited from significant investments in sales, innovation, and operational infrastructure, substantially strengthening the platform and setting the stage for continued growth”.
Lazard served as exclusive financial advisor to Functional Formularies, and Jones Day acted as legal counsel to Functional Formularies and Swander Pace Capital on the transaction.
