PEP Snack Foods to acquire Wise Snacks from Borden

Palladium Equity Partners, LLC has announced that its affiliate, PEP Snack Foods, Inc., has signed a definitive agreement to acquire Wise Holdings, Inc. from BW Holdings, LLC.

Wise Holdings, a member of the Borden family of companies, produces potato chips, corn snacks, tortilla chips, pretzels, popcorn, onion rings, pork rinds, and other products. The company operates in 21 eastern states from Florida to Maine.

"We look forward to taking full advantage of the opportunities provided by this exciting and growing category," said Terry McDaniel, president and CEO of Wise Holdings, Inc.

McDaniel, who joined Wise in 1997, has 18 years experience in the food industry with such companies as Haagen Dazs, Alpo Petfoods, Ragu Foods and Tropicana Products.

Wise, which generates approximately $336 million of annual revenues, owns and operates four manufacturing plants located in Berwick, PA; Spartanburg, SC; Denver, PA; and Bristol, VA.

The Borden Family of Companies is a diversified group of companies that manufacture and market industrial chemicals, packaged foods, kitchen and other housewares, and consumer adhesives.

Palladium is a private investment firm based in New York. Palladium will fund its investment in Wise Holdings through Palladium Equity Partners II, L.P. and affiliated funds, a $300 million fund which closed on July 26, 2000.

Edited by Pam Ahlberg