Solera Acquires Majority Interest in Annie's HomeGrown

Solera Acquires Majority Interest in Annie's HomeGrown

NEW YORK--Solera Capital announced it acquired amajority interest in Wakefield, Mass.-based Annie's Homegrown Inc. from Napa,Calif.-based HomeGrown Natural Foods. As part of the transaction, Solera willinvest additional growth capital in Annie's, and HomeGrown Natural Foods willretain a minority stake in the company. Financial terms of the transaction werenot disclosed.

Solera will work closely with the Annie's management team tofurther broaden distribution of Annie's core products from the natural andorganic markets to the mainstream supermarket channel, as well as introduce newproducts under the Annie's brand.

"We welcome the Annie's HomeGrown brand to the SoleraCapital portfolio," said Molly Ashby, chief executive officer (CEO) ofSolera Capital. "Solera's investment in Annie's is consistent with ourstrategy of investing in category-leading brands in markets poised forsignificant growth. Natural and organic food is one of these markets. We areexcited to work with the dedicated Annie's team that shares our commitment toexpanding the already impressive market reach of the Annie's brand whilemaintaining the authenticity that so powerfully touches Annie's consumers."

Paul Nardone, CEO of Annie's HomeGrown, and Ann Withey, founderof Annie's, will continue to work with Solera. In addition, John Foraker, CEO ofHomeGrown Natural Foods, will continue to serve as director, and Tim Fallon,chairman and CEO of Vermont Pure Holdings, has joined Annie's board ofdirectors.