Yukon Partners has made a mezzanine investment in CapVest-backed Second Nature Brands to support its acquisition of Tillamook Country Smoker. Financial terms of Yukon’s investment and the acquisition were not disclosed.
Second Nature Brands produces snacks and treats under brands including Kar’s Nuts, Second Nature Snacks, Sahale Snacks, Sanders, Brownie Brittle and Voortman.
Tillamook Country Smoker produces clean-label meat snacks, including zero-sugar jerky, beef sticks and sausages made from natural ingredients.
The transaction represents Second Nature Brands’ first entry into the protein snacks category, which the company described as a market worth more than $5 billion.
Second Nature plans to use its manufacturing, distribution and brand-building capabilities to expand Tillamook’s availability across the United States.
Yukon said the combination creates a larger snack platform with established brands operating in attractive consumer categories.
Winston & Strawn served as legal counsel to Yukon.
Yukon typically invests up to $75 million per transaction and has managed more than $2.6 billion in commitments across five funds.
CapVest manages approximately $15 billion and focuses on consumer staples, healthcare and essential-services businesses.
KEY QUOTES:
“With consumer demand for genuinely clean on-the-go protein snacks rocketing, we see fantastic opportunities to leverage our joint expertise and capabilities to bring Tillamook to even more discerning consumers across the U.S.”
Adam Butler, CEO of Second Nature Brands
“SNB and Tillamook combine to create an asset of scale with a portfolio of strong brands in attractive categories.”
Dave Sampair, Partner at Yukon Partners
