CHICAGO, IL, April 17, 2018 – Goldman Sachs and Vestar Capital Partners announced today that they have signed a definitive agreement to sell Hearthside Food Solutions, the leading bakery, nutrition bar and snack supplier of choice to premier food companies, to an investment group. Terms were not disclosed. The transaction is expected to close in the second quarter of 2018.

Hearthside Food Solutions is the nation’s largest and fastest-growing independent bakery and a full-service contract manufacturer of high quality, grain-based food and snack products for many of the world’s leading premier brands. Hearthside offers a diverse product portfolio, including nutrition bars, snack bars, cookies, crackers, and other grain-based snacks.  The company manufactures its products across a network of 25 facilities in the United States and Europe.

Hearthside grew rapidly under the joint ownership of Goldman Sachs and Vestar. In just under four years, Hearthside completed four acquisitions, entered new categories, and expanded into Europe.

“Our relationship with Goldman Sachs and Vestar was exceptional,” said Rich Scalise, founder, chairman, and CEO of Hearthside. “They became partners that enabled growth, strategic direction and most importantly trust. We are excited about taking those enablers to the next level with our new investors as we look to new geographical markets, new categories to enter, and in continuing to make our customer first in everything we do.”

“Hearthside has been an exceptional food platform that we identified early and were successful in helping to scale into Europe and across high-growth categories,” said Nicole Agnew of Goldman Sachs. “The company has experienced tremendous growth under Rich Scalise’s leadership and we wish the company continued success.”

“Hearthside’s growth over the last four years has exceeded our expectations, thanks in large part to Rich’s leadership and his management team,” said Brian O’ Connor, Managing Director of Vestar. “Together, we targeted acquisitions that complemented Hearthside’s capabilities, expanded into Europe and entered new categories. We are confident Hearthside will continue to prosper.”

Davis Polk & Wardwell LLP acted as the legal advisor to Hearthside, Goldman Sachs and Vestar in this transaction.  Barclays and Goldman Sachs served as the financial advisors for the transaction.

About Hearthside Food Solutions
Hearthside Food Solutions, headquartered in Downers Grove, Illinois, is the leading bakery, nutrition bar and snack supplier of choice to premier food companies. Hearthside currently operates 25 food-manufacturing facilities, including three in Europe. In 2014, Hearthside was acquired by the Merchant Banking Division of Goldman Sachs and Vestar Capital Partners. For more information on Hearthside Food Solutions, visit

About Goldman Sachs
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs MBD is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $185 billion of levered capital across a number of geographies, industries and transaction types.

About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business Services & Industrial Products. Since its founding in 1988, Vestar funds have completed more than 80 investments in companies – as well as more than 200 add-on acquisitions – with a total value of approximately $50 billion. For more information, please visit


Carl Melville
[email protected]

Leslie Shribman
(212) 902-5400
[email protected]

Owen Blicksilver Public Relations
Carol Makovich
(203) 622-4781
[email protected]

Jennifer Hurson
(845) 507-0571
[email protected]