January 5, 1999
First Atlantic buys stake in Otis Spunkmeyer.
Reuters LimitedFirst Atlantic buys stake in Otis Spunkmeyer.
NEW YORK — Private invstement firm First Atlantic Capital Ltd. said Tuesday it has acquired a majority interest in cookie dough and muffin maker and distributor Otis Spunkmeyer Inc. for undisclosed terms.
First Atlantic acquired its interest in Otis Spunkmeyer through one of its private equity funds, Atlantic Equity Partners International II LP.
It said in a statement that the fund acquired majority ownership of the company through a recapitalization, with management and existing shareholders retaining a significant stake.
Otis Spunkmeyer expected to generate 1998 revenues of more than $200 million.
© 1999 Reuters Limited
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