Hearthside Food Solutions, a Wind Point Partners Portfolio Company, Acquires Consolidated Biscuit Company and the Cereal Division of Golden Temple of Oregon

May 10, 2010

Hearthside Food Solutions, a Wind Point Partners portfolio company, has acquired Consolidated Biscuit Company and the Cereal Division of Golden Temple of Oregon.

The combination of the three businesses will create one of North America’s premier bakeries with approximately $700 million in total revenue, a sizeable manufacturing footprint with 12 facilities across seven states and long-term relationships with many of North America’s leading food companies and retailers.

Hearthside, headquartered in Downers Grove, Ill. and with facilities in Grand Rapids, Mich., is a leading manufacturer of specialty food products such as granola bars, croutons, cereals, popcorn and snack mixes supplying North America’s leading food and consumer product companies.

Wind Point acquired Hearthside in April 2009. Consistent with Wind Point’s strategy of partnering with top caliber executives, Wind Point partnered with Rich Scalise, who joined Hearthside as CEO upon acquisition. Rich is a 33-year veteran of the food industry, who most recently served as President of Ralcorp Frozen Bakery Products, a division of Ralcorp Holdings, Inc. (NYSE: RAH). Rich also spent 18 years with ConAgra Foods (NYSE: CAG) in a number of roles including his last position as President and COO of ConAgra’s $3 billion Refrigerated Foods Division.

Mark Burgett, a managing director at Wind Point, said, “Pursuing complementary acquisitions was part of our initial value creation plan for Hearthside. Through these acquisitions, Hearthside partners with two industry leaders to expand its product capabilities and manufacturing footprint while further diversifying its customer base.”

Consolidated Biscuit, based in McComb, Ohio, is a leading producer of a wide variety of cookies, crackers, toaster pastries, fruit and cereal bars, ice cream cones, nuts and candies. Golden Temple’s Cereal Division, based in Eugene, Oreg., is a leading manufacturer and marketer of all-natural ready-to-eat cereals, bulk granola and granola snacks. Golden Temple’s Cereal Division provides private label cereal to some of the nation’s leading food retailers and manufactures branded cereals and granolas under the Peace, Yogi, Sweet Home Farm and Golden Temple labels.

Rich Scalise, CEO of Hearthside, commented, “We are excited to expand Hearthside’s capabilities to better serve our existing and new customers. We look forward to building new relationships, supplying new products and further positioning Hearthside as a leader in the baking industry.”

Wind Point’s other investments in the food industry include Nonni’s Food Company (sold to Vivartia in 2008), Bakery Chef (sold to Ralcorp in 2003), Ryt-way Industries (acquired in August 2008) and Santa Maria Foods (acquired in January 2007).