International snacking group Second Nature Brands, controlled by CapVest, has completed the acquisition of Brownie Brittle from Encore Consumer Capital as it looks to scale up in its domestic US market.

European private equity player CapVest acquired the Michigan-based creator of premium, nutritional and better-for-you snacks and treats in April 2022, vowing to grow the business through investment in organic growth and “transformational acquisitions”.

This transaction for brownie snack brand Brownie Brittle marks the first bolt-on acquisition in its plan to build a leading US snacking business.

Founded in 2012, Brownie Brittle’s “unique combination of rich flavour and thin, crunchy texture appeals strongly to growing consumer demand for premium permissibly indulgent snacks”, Second Nature Brands stated.

The brand has grown retail relationships across all formats and merchandising positions, including club stores, grocery, mass market retailers, convenience stores, specialty retail and airlines.

Second Nature Brands CEO Victor Mehren said: “We have ambitious plans to become a US leader in snacks and treats and the acquisition of Brownie Brittle is an exciting step on this journey, which expands our presence into baking and unlocks a new growth stream for us.

“It also marks our first acquisition since being acquired by our majority investor CapVest, showing how with their support we intend to grow and develop Second Nature Brands through continued investment in the brand, channel & category expansion, as well as continued focus on product quality.”

Jan Grywczynski, CEO of Brownie Brittle, added: “This announcement is a very positive reflection on our business, our people and the strength of the Brownie Brittle brand. Second Nature Brands was attracted by the incredible growth that Brownie Brittle has demonstrated historically, as well as strong brand value and great product quality.

“We are very excited about this new chapter for Brownie Brittle, as part of the Second Nature Brands family, and look forward to working with Victor and the rest of the Second Nature team to accelerate our growth as a leader in thin, sweet, permissibly indulgent snacking.”

CapVest said it saw significant further opportunities in the US and North America for this platform.

CapVest partner Othmane Khelladi said: “Brownie Brittle is a fantastic addition to the Second Nature Brands portfolio and a great first step in our plan to transform the business into a highly diversified US snacking platform. We are thrilled to support Second Nature Brands in their next phase of growth and to work with the team to expand their portfolio into adjacent and complementary snacking categories.”

A seasoned investor in the grocery space, CapVest last year sold its Valeo Foods platform, which housed brands including Kettle, Jacob’s and Rowse, to Bain Capital for an estimated €1.7bn.

CapVest also sold protein player Eight Fifty Food to Canadian giant Sofina in 2021 for about £1.2bn, less than two years after creating the group.

In addition to its continued investment in US snacking, in July the group acquired Natra, a leading European producer and distributor of chocolates and cocoa products, from Investindustrial, giving it a second international snacking platform.

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