Brynwood Partners Brings In $750 Million for 9th Fund

Now almost 40 years in, CPG focused private equity shop Brynwood Partners gave a clear signal today that it isn’t anywhere near done with its business model of buying and retrofitting well-known brands for a second run at success.

The Greenwich, Conn. based fund announced the raise of its ninth fund, bringing in another $750 million in committed capital. It is known for taking control stakes in mature CPG brands, often peeled off from larger strategics, and creating value from operations and manufacturing synergies.

Brynwood’s current holdings include six different investments; Harvest Hill Beverage Co.has brands like Juicy Juice, Sunny D, and Fruit2O among others (last year, it acquired small lemonade brand Poppilu), while Hometown Foods owns quick-bake brands like Pillsbury, Hungry Jack, and recent pickup Birch Benders. Other companies include dip and sauce maker West Madison Foods (Marie’s, Dean’s) as well as manufacturers like Carolina Beverage Group and Great Kitchens Food Co. Brynwood also owns Buitoni pasta.

“We have been humbled by the support from our existing and new limited partners in one of the most challenging fundraising markets of my career. The success of the fundraise reinforces the strength of our active investment strategy,” said Hendrik J. Hartong III, Chairman and Chief Executive Officer. “As we approach our 40th year in business, we are both proud of our heritage and excited for our next fund cycle. Getting to fund IX is a testament to our strategy and our team of dedicated investment professionals.”

Increasingly, investment predictions for CPG have tilted toward private equity – typically targeting lower-risk investments like manufacturing – as a leading source of growth capital in the sector. Brynwood’s approach straddles that line between manufacturing and brand rehab.

The firm’s last raise was in 2018, when it pulled in $649 million.