April 08, 2014 - 3:48 PM
NEWARK, N.J. - 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.
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.
News from © The Associated Press, 2014