Atlas Holdings, a Greenwich group focused on the manufacturing and distribution businesses, has acquired Flagstone Foods, the snacks division of TreeHouse Foods Inc., a provider of private label packaged foods.
The financial terms of the transaction were not disclosed. TreeHouse Foods purchased Flagstone Foods in 2004 from Gryphon Investors and other shareholders for $860 million.
Flagstone will be repositioned as a standalone company focusing on the production and distribution of private label healthy snacks in the North America market, with products in the nuts, trail mix and dried fruit categories. The St. Paul, Minnesota-headquartered firm has an 800-person workforce spread across plants in North Carolina, Texas and Alabama.
Atlas Holdings also announced the appointment of Robert Scalia as Flagstone Foods CEO. Scalia was previously senior vice president of business development and strategy of Hearthside Food Solutions.
“Consumers are consistently choosing private label brands from grocers, clubs and retailers they trust,” said Michael Sher, partner at Atlas Holdings. “Under Bob’s leadership, we believe Flagstone will build upon its already strong market presence and become the ‘go to’ healthy snacks company to meet that growing consumer demand.”
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