Charlotte, NC — Shearer’s Foods, LLC has acquired Snyder’s-Lance, Inc.’s private label business and production facilities in Burlington, IA, and Ontario, Canada, for $430 million, the company reports.
The deal is expected to close in Q2 2014, contingent upon regulatory approvals and Shearer’s obtaining financing.
Sale of its private brands business will enable Snyder’s-Lance to focus its resources on its premium, nutritional and “better-for-you” branded portfolio, consistent with its strategic plan of product innovation and acquisition of additional core brands, according to the company.
Noting similarity in operating philosophy of the two companies, President and CEO Carl E. Lee, Jr. says: “This transaction is an important step for Snyder’s-Lance. During the past several years we have been building operational and branded capabilities that provide an exceptional platform for accelerating growth. Our private brands business has performed well over time and now is in a position where a new private brands-centric owner can build on this momentum and take it to new levels.”