TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, today announced the sale of Wilton Brands, a baking, cake decorating and candy making brand, to Dr. August Oetker KG (“Dr. Oetker”). Financial terms were not disclosed, and the transaction is expected to close by the end of the year.
Dr. Oetker is a Germany based, privately held, global food and beverage company, which includes baking products and baked goods. Both companies were family-founded and share a long and rich heritage in baking.
The sale to Dr. Oetker positions Wilton Brands to draw on both companies’ strengths and combined knowledge as the business continues to grow and innovate for the benefit of customers, retail partners and employees. Wilton’s product portfolio and strong brand makes it a compelling fit for Dr. Oetker as the company accelerates its expansion in the U.S.
Since TowerBrook acquired Wilton Brands in 2009, the company re-focused on its baking and food core while successfully divesting non-core businesses. Wilton products can be found on shelves at Walmart, Target, Michael’s, Kroger and grocers across the U.S., as well as on Amazon, and are distributed through partners on every continent.
Wilton Brands will remain headquartered in Naperville, Illinois and will be run as a division within the broad portfolio of companies owned by Dr. Oetker. Sue Buchta will remain in her role as CEO of Wilton Brands.