St. Paul's Pearson Candy Co. is coming back under local ownership.
The 109-year-old company, best known for its Salted Nut Roll and Nut Goodie candy bars, will be sold to Minneapolis-based Spell Capital. The company has been owned by Connecticut private-equity firm Brynwood Partners since 2011.
"Not only is it great to have a local investment firm acquiring a local manufacturing company, but Spell has a lot of background in manufacturing," said Michael Keller, the CEO of Pearson.
Pearson's has about 145 hourly production workers and 40 office employees at its W. 7th Street plant in St. Paul, the 60-year home of the company and its only location. The company's management and employees will stay in place.
"Anybody that grew up in Minnesota knows the Pearson brands, and they're as strong as ever," said Jim Rikkers, a senior managing director at Spell Capital. "It's a perfect fit for us. It's in the metro area. It's a manufacturing business."
The deal closed Friday. Terms were not disclosed.
Pearson's core market is Minnesota, the Dakotas, Wisconsin and Iowa, though it also has strong sales in Utah and Colorado.
While Nut Goodie is a regional candy bar, Pearson's Salted Nut Roll and its chocolate-covered Mint Patties compete nationally with Hershey's Payday bar and York mints.