Cibo Vita Acquired By PE Firm Citation Capital
Cibo Vita, the parent company of Nature’s Garden, has sold a majority stake of its better-for-you snack business to Citation Capital, a private equity firm focused on founder and family-led companies. The deal is expected to close later this year.
The food company was founded in 2009 by Emre Imamoglu and Ahmet Celik who now serve as CEO and president, respectively, and have both retained “significant ownership interest” according to a press release. Citation is Cibo Vita’s first and only external shareholder.
“We found a differentiated partner in the Citation team, given their resolute focus on performance and deep understanding of the importance of values and culture in founder-led businesses,” Celik said in a press release this morning.
Cibo Vita began as a private label healthy snack producer and launched its flagship Nature’s Garden brand in 2011. Today, the New Jersey-based company owns three manufacturing facilities, employs over 900 individuals and makes functional snack products for grocery, big box and warehouse/club retailers across the country.
Under its Nature’s Garden banner, the company sells a wide array of snacks including trail mix, nut packs and dried fruit products. It also sells snacks under its Chocolate Orchard (chocolate covered fruits and nuts) and Woodpecker (value snacking) brands.
“Our vision in founding Cibo Vita was to bring healthier snacking options to all families, inspired by our Mediterranean roots,” said Imamoglu, in a press release. “Throughout our history, we have experienced phenomenal growth, attributed to our innovation capabilities, commitment to quality, and a drive to meet the needs of consumers increasingly seeking healthier functional snacking. We sought out a strategic partner that could help ensure that we stay on the forefront of innovation and who is aligned with our personal core values.”
Dallas-based Citation Capital is a relatively new investment vehicle that was founded earlier this year by Tiffany Hagge, who brings two decades of investment banking experience, and Lydie Hudson, a former Credit Suisse executive. The firm is said to be focused on the consumer products, industrial and business and financial services sectors.
“[The founders] put everything they had into building Cibo Vita into a highly innovative, profitable business that provides value-added services and products to some of the most coveted customers in North America,” said Hagge in a press release. “Cibo Vita exemplifies Citation’s investment philosophy in backing fundamentally strong, defensible businesses with exceptional cultures and shared values, helping them to become ‘best in class’ in their segment through strategic partnership, operational excellence, and a relentless focus on execution.”
