CapVest Partners LLP portfolio company Second Nature Brands LLC on Monday, June 8, announced the acquisition of Tillamook Country Smoker Inc., a clean-label meat snacks producer, from Insignia Capital Group LP and family shareholders.

Madison Heights, Mich.-based SNB didn’t disclose the financial terms of the transaction, which allows it to enter the protein snacks category, expanding its better-for-you snacks portfolio and providing opportunities to grow the Tillamook brand through broader distribution, innovation and category expansion.

In September, The Deal reported the PE firm had engaged Houlihan Lokey Inc. to run an auction for Tillamook, which reportedly generates around $25 million in Ebitda.

Bay City, Ore.-based Tillamook Country Smoker specializes in handcrafted, hardwood-smoked beef jerky and meat sticks. It primarily sells through convenience and grocery retail channels.

Insignia acquired Tillamook, then a third-generation family business, for an undisclosed sum in May 2017. Several family shareholders participating in the transaction alongside the firm.

An earlier sale process in 2023 didn’t result in a transaction, The Deal previously reported.

Walnut Creek, Calif.-based Insignia focuses on lower middle market companies in the consumer, healthcare and business services sectors in North America. It looks to invest $20 million to $100 million in equity in companies with more than $20 million in revenue and more than $5 million in Ebitda.

Its latest fund, Insignia Capital Partners III, closed in October, according to With Intelligence. It was oversubscribed at its hard cap of more than $500 million, exceeding its $375 million target.

Snacking platform SNB produces a portfolio of trail mixes, nut snacks, caramel and chocolate confections. Originally founded as Kar’s Nuts, the company now includes brands such as Kar’s, Sanders Chocolates and Second Nature Snacks.

In April 2022, CapVest acquired SNB from Palladium Equity Partners LLC for an undisclosed amount. It added on Brownie Brittle LLC in December 2022, Sahale Snacks Inc. for $34 million in November 2023 and Voortman Cookies Ltd. for $305 million in October 2024.

London-headquartered CapVest is a middle market private equity firm that focuses on the consumer staples, healthcare and essential services industries.

In September, CapVest-backed Natra SA agreed to acquire peanut- and nut-based ingredients producer Bredabest BV for an undisclosed amount.

In February 2025, CapVest’s Lakeview Farms LLC acquired Noosa Yoghurt LLC from what was then Campbell Soup Co. (CPB) for an undisclosed amount.

SNB expects the Tillamook acquisition to close in the coming months following fulfillment of customary closing conditions.

The Deal noted the meat snack category has drawn heightened investor interest as better-for-you jerky and meat sticks continue to grow faster than many other snack segments. More broadly, meat processors and distributors are gaining traction among investors as consumers increasingly prioritize protein intake.

SNB tapped John LeVert and Peter Diamond of Solomon Partners for financial advice.