NEW YORK - Food giant Mondelez (IW 500/39) has sold its controlling stake in its SnackWell's cookies and snacks business to Brynwood Partners, the private-equity firm announced Monday.
Brynwood, based in Greenwich, Conn., said its joint venture with Mondelez, the Back to Nature Foods Company, had acquired the stake in the reduced-fat and fat-free business.
Brynwood did not disclose the terms of the deal.
Mondelez, whose global portfolio of brands includes Trident gum, Triscuit crackers, Oreo cookies and Toblerone chocolates, has a minority stake in the Back to Nature joint venture formed in 2012.
"We look forward to owning the SnackWell's brand and integrating it into our Back to Nature organization," said Vincent Fantegrossi, president and chief executive of Back to Nature.
"Its healthy attributes, loyal consumer base, and strong distribution make SnackWell's a very complementary product line offering to our Back to Nature products."
Copyright Agence France-Presse, 2013