Norwest Mezzanine Partners Invests Alongside Highlander Partners in Bettera Brands
April 04, 2017
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) is pleased to announce it has invested a combination of subordinated debt and equity capital to support Highlander Partners’ formation of Bettera Brands, a new holding company in the confection and snack industry.
In connection with the formation of Bettera Brands, Highlander acquired Gimbal Brothers, a manufacturer of gummy vitamins and gourmet jelly beans founded in 1898. The company has fully integrated manufacturing capabilities, and its production facility is SQF Level 3, NSF/CFR111 certified for vitamins and dietary supplements. Gimbal Brothers products have a loyal consumer following and can be found in most national retailers across North America. The existing owners of Gimbal Brothers joined the Bettera ownership and will continue their support of the long-standing brand.
Concurrently with the transaction, Highlander contributed its existing portfolio company, Hillside Candy, into Bettera. Bettera’s product portfolio now includes gourmet jelly beans, gummy vitamins, organic and sugar-free hard and chewy confections, licorice, and traditional hard candy. In addition, Bettera utilizes its unique manufacturing capabilities to incorporate nutraceutical ingredients and essential oils into its confectionery delivery systems.
“We are excited to partner with Highlander and are confident that their experience in this industry will complement the Bettera Brands management team,” stated Carter Balfour, NMP Partner. “These two companies have impressive track records, and we look for that to continue in the future.”
“On behalf of the entire Highlander team, we thoroughly enjoyed working with NMP on this transaction. NMP demonstrated flexibility and reliability throughout the entire investment process. We look forward to continuing to build our platform in the confection and snack industry with NMP’s partnership and support,’’ commented Jeff Hull, President and Managing Partner of Highlander.
About Highlander Partners
Highlander Partners is a Dallas-based private investment firm with over $1.2 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food and beverage, specialty chemicals, building materials, consumer products, and others. Highlander Partners uses a “buy and build” investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.