McCormick completes acquisition of Stubbs
McCormick & Company, Inc. has completed the acquisition of One World Foods, Inc., seller of Stubb's barbeque sauces for approximately $100 million.
Stubb's, a privately held company out of Austin, TX, is a leader in the premium barbeque sauce category, though it manufactures other products including marinades, rubs and skillet sauces. C.B. Stubblefield opened his first Stubb’s Legendary Bar-B-Q restaurant in 1968 and later began selling his sauces in 1992.
Annual sales of the business are projected to be $30 million in 2015 and are expected to grow at a double-digit rate annually for the next several years, according to McCormick.
McCormick said it plans to drive sales of the Stubb's brand through expanded distribution, increased household penetration and innovative flavors. The Stubb's products round out McCormick's range of grilling products currently marketed under the Grill Mates, Lawry's and McCormick brands.
McCormick intends to maintain the headquarters of this business in Texas.