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Westminster
Active
Westminster is a cracker and snacks platform and the leading manufacturer or premium oyster crackers sold primarily to food service and retail channels.
How We Partnered
Situation:
Existing LPs in 2010 vintage fund were looking for liquidity from the fund’s two remaining assets; LPs willing to sell for a 15% discount to 3/31/21 NAV or 38% discount to 12/31/19 NAV in order to fully exit the end-of-life fund
Structure:
Two-asset continuation vehicle with a 3 year term and dry powder to support acquisitions.
Headquarters:
Rutland, VT
Stage:
Active
Business Model:
Specialty Manufacturing
Sponsor:
LaSalle Capital
Investment Date:
December 2021
Investment Thesis
Attractive pricing during the Covid pandemic with strong visibility of a rebound
Stable business with a long history of strong performance
Market leading manufacturer of oyster crackers
Strong GP alignment
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