Matzo and kosher wine maker Manischewitz has been sold, just in time for the Passover Seder meal.
Sankaty Advisors, an arm of private equity firm Bain Capital, bought the company from a group including investment firm Harbinger. The price was not disclosed.
Jeff Zelevansky / Getty Images
Freshly baked matzos are packaged during the final steps on the matzo production line at the Manischewitz manufacturing facility in Newark, N.J. Under strict rabbinical supervision at all times and in all stages of production, over 1 million sheets of matzo are produced daily during the height of the Passover season. The company is being bought by Sankaty Advisors, an arm of private equity firm Bain Capital.
Manischewitz is one of the few remaining mass manufacturers of matzo left in the U.S. as the market has lost ground to imports.
The company says that the deal will allow Manischewitz to continue making kosher products. Sankaty says Manischewitz can capitalize on a growing mainstream interest in kosher foods.
The Newark, N.J.-based company announced the deal Tuesday. Passover starts next week.
The New York Times reported the sale late Monday night.
-The Associated Press
First published April 8 2014, 4:15 PM