April 30, 2008
Werther Partners, LLC Acquires Well-Known Confection Company Sorbee International Ltd.
NEW YORK and PHILADELPHIA, April 30 /PRNewswire/ -- Werther Partners, LLC has acquired substantially all of the assets of Sorbee International Ltd. (http://www.sorbee.com/), a Philadelphia-based developer and marketer of high quality sugar-free candy, cookies and condiments, as well as non-sugar-free licensed confection products. Werther Partners acquired the business via its subsidiary, Sorbee International, LLC. Sorbee sells products under its own brand name mainly in its sugar-free line, as well as, sugar-free and non-sugar-free candy products under the Crystal Light(R) and Country Time(R) brands both under license from Kraft Foods. Financing for the acquisition was provided by Firstrust Bank, headquartered in Conshohocken, Pennsylvania.
Elliot Stone founded Sorbee International Ltd. 30 years ago as a supplier of sugar-free lollipops to dentists for their patients. Mr. Stone is the owner and CEO of the highly successful business, Medical Products Laboratories, Inc. All existing Sorbee employees will remain with the new company and Daniel Werther, principal of Werther Partners, LLC will become the company's Chief Executive Officer.
Sorbee International, LLC's Dan Werther stated, "Sorbee is a revered brand name in the sugar-free industry and is at the top of the class in terms of product quality. The company's existing range, its deep pipeline, its new Eat Rite Be Fit(TM) brand, and most importantly, its long term relationship with Kraft have positioned the company for rapid growth." The company's products are primarily distributed in the retail grocery, mass merchant and chain drug store channels.
Having grown up in Philadelphia, Mr. Werther was familiar with the company and its products. Dan attended Swarthmore College as a McCabe Scholar and the Temple University School of Law. He practiced law in Philadelphia before moving to New York in 1994 to begin a long tenure in operations with MacAndrews & Forbes where he was Executive Vice President and Senior Legal Officer of Toy Biz, Inc., the successor to Marvel Entertainment Group. He has had operating and fund raising roles at an Internet business which specialized in music education and has worked for MacAndrews' business Mafco Worldwide. He most recently helped found and was head of the domestic private equity business at Susquehanna International Group.
About Sorbee International, LLC
Sorbee International (http://www.sorbee.com/) sells and distributes a wide variety of sugar-free and non-sugar free candy, cookie and condiment products across the United States and Canada. The company's products are primarily distributed in the retail grocery, mass merchant and drug store channels.
About Werther Partners, LLC
Werther Partners, LLC is a New York-based private equity firm specializing in small acquisitions in the food, confection, consumer and licensed products, and entertainment areas.
Crystal Light(R) and Country Time(R) are registered trademarks of Kraft Foods Holdings, Inc., used under license
Werther Partners, LLC; Sorbee International, LLC
CONTACT: Jim Rednour of HG Ad Group, +1-773-292-8010, [email protected],for Sorbee International, LLC
Web site: http://www.sorbee.com/