No financial information was disclosed, and a source says that the deal is not yet finalized.
Sun sponsored a leveraged buyout of Elan Nutrition—f.k.a. Five Star Brands—in May 2003. The turnaround firm’s initial outlay was about $18 million, including funds for capacity improvements that enabled Elan to begin producing upwards of 300 million bars
Grand Rapids, Mich.-based Elan currently makes private-label nutrition bars for meals and snacks, diet and weight management and sports nutrition. Customers include ZonePerfect, Pure Protein and Weight Watchers.
ConAgra and Sun Capital both declined comment. —Dan Primack