Snacking company Snyder’s-Lance announced the sale of Private Brands to Shearer’s Foods, LLC last week for $430 million in order to focus attention on growing branded products.
The agreement authorizes the sale of Private Brands, which include Brent & Sam’s, Delicious Bakery, and Vista, and two manufacturing facilities in the US and Canada to Shearer’s Foods, a snack provided based in Ohio.
"This transaction is an important step forward for Snyder's-Lance as we dedicate our attention to our branded portfolio," said Carl Lee Jr., president and CEO of Snyder’s-Lance. "Over the past several years, we have been building operational and branded capabilities which provide an exceptional platform for accelerating growth.”
During this time, Lee said Private Brands performed well, but is in a position where a new central owner can take over.
“Looking forward for Snyder's-Lance, we believe focusing more completely on our branded products will create better long term shareholder value as we grow organically through product innovation and the acquisition of additional core brands,” Lee said.
Headquartered in Charolotte, NC, Snyder’s-Lance produces snack products including pretzels, crackers, chips, cookies and more.
On the same day, Snyder’s-Lance made a second announcement that detailed plans to acquire Baptista’s Bakery Inc., current manufacturers of the company’s Snack Factory Pretzel Crisps brand.
The Snyder’s Lance points to the acquisition as a way the company is focusing attention on branded products.
According to the company, Babtista’s products are bringing growth to the company with its line of “better for you” snacks and other products that are driven by consumer preferences and insight.
“The combination of Baptista's quality and product innovation teamed with the marketing, sales and distribution capabilities of Snyder's-Lance means our best accomplishments are yet to come,” said Nan Gardetto, CEO and founder of Baptista's. “I am personally excited for our company's future and the success that lies ahead."