St. Paul, Minnesota — Private equity firm Spell Capital Partners has finalized its purchase of Pearson Candy Co. in a deal that will enable the 109-year-old manufacturer to continue to invest and modernize, according to the candymaker.
“Spell will be a terrific partner and owner for Pearson’s because they understand both manufacturing and the importance of Pearson’s and its brands to the community, to customers and to our trading partners in Minnesota, the upper Midwest and around the country,” say Michael Keller, president and CEO of the candymaker.
Pearson’s employees and management team will remain in place, while Spell Capital will leverage its acquisition and financing expertise to help transform the candymaker’s operations and facility.
This marks the second acquisition of Pearson this decade, as the company was purchased by Brynwood Partners Management LLC in 2011.
“Spell Capital and the significant number of Minnesota-based investors who we represent are excited to have the opportunity to own and invest in an historic Minnesota company like Pearson’s,” says Bill Spell, president of Spell Capital. “At Spell, we have a passion for and an extensive interest in manufacturing-based business, and we see meaningful opportunities for improvement and growth.”