City Capital Ventures Announces the Acquisition of Matt’s Cookies

CHICAGO–(BUSINESS WIRE)–City Capital Ventures, LLC (“City Capital”), a private investment
partnership headquartered in Chicago, Illinois, is pleased to announce
that it has acquired Cookie Specialties, Inc. (“CSI”), d/b/a Matt’s
Cookies of Wheeling, Illinois. As part of the transaction, CSI has been
renamed Matt’s Cookie Company. The financial terms of the transaction
were not disclosed.

Founded in 1972 by Grant Pierce and operated as a family owned business
under the leadership of his sons, Blake and Matt Pierce, “Matt’s
Cookies” is a beloved brand that is well-known as a manufacturer and
marketer of high-quality, all-natural, delicious soft baked cookies and
fig bars. The Company prides itself on its homestyle heritage and
simple, clean label ingredients that its customers recognize and
appreciate. The sellers, the Pierce family, will continue to be involved
in day-to-day operations.

Matt’s new CEO, Mike Halverson, commented, “I’ve enjoyed Matt’s Cookies
for years and was thrilled to have the opportunity to collaborate with
the Pierce family. Matt’s all-natural cookies and fig bars are exactly
what consumers and retailers are looking for today. With over ¼ pound of
real chocolate chips in every bag, Matt’s offers consumers a tremendous
value. And I’ve learned that just 15 seconds in the microwave and a
Matt’s cookie tastes just like they’ve come out of the oven!”

Halverson continued, “City Capital’s long term approach will enable us
to grow the Matt’s brand and leverage the Chicago heritage and latent
brand equity with a broader group of consumers and retail partners.
What’s more, City Capital gives us access to a robust network of CPG
advisors with exceptional experience and knowledge of what’s required to
grow brands in today’s ingredient-conscious consumer food category.”

“City Capital is excited about partnering with Mike Halverson to support
Matt’s next growth phase while maintaining the Company’s rich,
long-standing heritage,” said Dan Kipp, Founder and Managing Partner at
City Capital who will join the Company’s Board of Directors. “We are
thrilled that the Company’s new CEO, Mike Halverson, has the ideal
background and successful track record needed to lead Matt’s as it
prudently expands beyond its core Midwest region.

“Further, given our focus on private family capital, we are especially
pleased to have transacted with the Pierce family in a fashion that
serves their next generation while supporting the business for a new arc
of growth and expansion.”

Grant Pierce, CSI’s Founder, said, “My family and I are extremely proud
of our 40-year commitment to never compromise on our promise to bake the
very best, soft-baked cookie possible. With the expanded leadership of
Mike Halverson and City Capital’s resources, more consumers will have
the opportunity to enjoy our unique cookies both within and beyond our
historical Midwest marketplace.”

This transaction marks the inaugural investment by City Capital. “We are
excited with the number of compelling niche investment opportunities
we’re uncovering and Matt’s is in many ways the perfect example of our
aim to match family capital with a family business”, commented Kipp. “We
believe private equity investment will continue to move toward the
‘bespoke’ approach that we employ. Our strategy of investing in
businesses, often deemed too small by mainstream private equity and
corporate acquirers, and supporting them with large firm strategic
resources will serve our investors and operating companies well over our
long-term investment horizons.”

About Matt’s Cookie Company

Founded in 1972 as Cookie Specialties, Inc., the newly renamed Matt’s
Cookie Company is a beloved and well-recognized brand in the soft cookie
category. Over the past forty plus years, Matt’s has made great tasting
soft baked cookies and bars with wholesome, high-quality ingredients.
Matt’s offers cookies in six different varieties: chocolate chip,
oatmeal raisin, peanut butter, peanut butter chocolate chip, cranberry
walnut, and chocolate chip pecan and premium fig bars in assorted
varieties and flavors under the “Zion” label. The Company’s cookies are
found in over a thousand grocery and retail outlets ranging from
“Supercenters” to local “Mom & Pop” stores. For more information, visit www.mattscookies.info.

About City Capital Ventures

City Capital Ventures is an investment partnership whose purpose is to
pair capital with business opportunity in a better, more-tailored way.
Investing on behalf of our exclusive network of family offices, we seek
out firms with innovative business designs and look to invest at
inflection points—not pre-determined stages. Because of our flexible
mandate, our investments are unbound by size or industry, though we
typically invest in consumer, commercial and service businesses
requiring up to $100 million of capital. Our aim is to create lasting
value for our investors, the companies in which we invest, and the
broader stakeholders touched by our companies. For more information,
visit citycapitalventures.com.

Contacts

Ryan Buhl
City Capital Ventures
ryan@citycapitalventures.com
312.546.8144