August 26, 2015
Heartland Food Products Group, a producer and marketer of low calorie sweeteners, drink mixes, coffee, and nutritional beverages located outside of Indianapolis has entered into a definitive agreement to acquire the world’s most iconic low calorie sweetener – Splenda.
The deal between Heartland Food Products Group and McNeil Nutritionals, LLC, a subsidiary of Johnson & Johnson is expected to close by the end of the year; however, financial terms of the acquisition have yet to be disclosed.
"We are very excited about our opportunity to own the Splenda® brand business and welcome a talented team of professionals to our organization. Splenda® fits well within our strategy to offer the very best tasting products to sweeten foods and beverages without adding calories," said Ted Gelov, Heartland Chairman & CEO.
Heartland partnered with the private investment firm, Centerbridge Partners, L.P., which has $25 billion in assets under management in order to complete the acquisition. Once the transaction is complete, Centerbridge Partners will become a shareholder in Heartland.
The acquisition is also predicted to provide more than 100 new jobs to the company’s manufacturing plant, distribution center and corporate office.
Splenda was discovered in 1976, in London, England and was approved by the FDA as a tabletop sweetener in 1998.