Private equity firm Swander Pace Capital has completed the sale of cookie and wafer manufacturer Voortman cookies to Hostess Brands.

The companies have finalised the $320m sale in an all-cash transaction.

The deal was first announced in December when Hostess Brands signed an agreement to acquire Voortman cookies from Swander Pace Capital.

Brothers William and Harry Voortman established Voortman cookies in 1951. It produces premium, branded wafers, as well as sugar-free and speciality cookies.

The company distributes its products across the North American market, as well as across various parts of the globe.

Swander Pace Capital director Tyler Matlock said: “For nearly seven decades, Voortman has demonstrated, time and again, its ability to innovate and grow while delivering consistent quality and service to its customers.

“We are very appreciative of the immense support provided by Harry Voortman and his team that helped make this relationship a successful one. We believe Hostess will be an exceptional steward of the brand as Voortman continues its trajectory of growth.”

In 2015, the private equity firm acquired a majority stake in the Voortman. It partnered with its founding member Harry Voortman and senior management. This helped Voortman to expand its product portfolio and distribution footprint.

Last September, Swander Pace Capital acquired sweet baked goods manufacturer Café Valley, marking its newest addition to its growing baked goods portfolio.

Café Valley has been offering its products to the in-store bakery, club store, mass merchandise and convenience-store sectors.