Finance & Capital Management

Mondelez Global sold its SnackWell’s brand cookie and snacks business to the Back to Nature Foods Company, a joint venture between Brynwood Partners VI and Mondelez.

Brynwood VI and Mondelez Global formed the Back to Nature joint venture in 2012 through a structure whereby Brynwood VI acquired operating control and Mondelez Global retained a minority position in the new company.

St. Louis, Mo. — IKEA plans to break ground on a three-level, 380,000-sq.-ft. building in midtown St. Louis this summer, according to Pace Properties, the broker selected by IKEA to help facilitate the chain’s expansion into the St. Louis market.

The site is a 21-acre redeveloped tract at the intersection of Forest park and Vendeventer avenues within the 240-acre CORTEX Life Science District in midtown St. Louis.

Lebanon, Tenn. — Cracker Barrel Old Country Store, Inc has considered and rejected a recent filing and statement from top shareholder Sardar Biglari demanding that the company commence a sale process. Cracker Barrel has determined that the continued execution of the company’s existing business strategy is currently the proper course of action for the long-term best interests of the company and its shareholders.

Manchester, Conn. — Bob’s Discount Furniture has signed a definitive agreement to sell a majority stake of its business to Bain Capital for an undisclosed amount. Bob's management team will continue to own a "significant stake" after the deal and will remain involved in operations, according to the company, which has been majority owned by private equity firm KarpReilly/Apax for the past nine years.

The nation’s largest egg producer said premium prices for specialty products and an acquisition allowed it to growth sales and nearly double profits during its second quarter.

Glendale, Calif. — DineEquity, Inc., parent company of IHOP Restaurants, has opened the first IHOP restaurant in Saudi Arabia. The restaurant, located in “Le Mall,” is part of a seven-brand restaurant destination in Jeddah, which opened Dec. 14.

Seattle — More than one million customers around the world joined the Amazon Prime membership program in the third week of December. The entire 2013 holiday season was the best ever for Amazon, with more than 36.8 million items ordered worldwide on Cyber Monday, or 426 items per second.

New York -- Colorado will become the first state in the country to open recreational pot retail stores when, on Jan. 1, 2014, it begins allowing the sale of cannabis to anyone age 21 or over.

The move comes after voters in Colorado approved the measure in the November 2012 elections. The state of Washington also legalized recreational marijuana at the same time, but that state won't open marijuana stores until later in 2014.