INDIANAPOLIS -- Heartland Food Products Group said it has reached a definitive agreement to acquire the Splenda low-calorie sweetener brand from McNeil Nutritionals LLC, a subsidiary of Johnson & Johnson Consumer Inc. Terms of the deal, expected to close later this year, were not disclosed.
Splenda is the leading low-calorie sweetener brand.
"Splenda fits well within our strategy to offer the very best-tasting products to sweeten foods and beverages without adding calories," said Heartland chairman and chief executive Ted Gelov.
Heartland gained an investment partner, Centerbridge Partners L.P., during the negotiations. Centerbridge, a private investment firm with $25 billion in assets under management, was instrumental in completing the acquisition.
"We are excited to partner with Heartland through the company's next phase of growth and development as they integrate and grow the Splenda brand," said Centerbridge senior managing director Jason Mozingo. The investment group will become a Heartland shareholder when the transaction is consummated.
Heartland Food Products Group is a global leader in the production of low-calorie sweeteners, creamers, beverage concentrates, coffee and nutritional drinks.