Charlotte, NC — Snyder’s-Lance, Inc. has agreed to sell its Diamond of California culinary nut business to Blue Road Capital. The sale aligns with Snyder’s-Lance’s strategy to focus more resources on the growth opportunities for its core brands, according to the company. Specific terms of the transaction, expected to close by the end of the year, have not been disclosed.
“This strategic transaction will allow us to concentrate on our core business of providing our consumers and retail partners with our premium portfolio of snack brands focused on better ingredients, quality and taste,” says Carl E. Lee, Jr., president and CEO at Snyder’s-Lance.
Snyder’s-Lance entered the culinary nuts business as a result of its purchase of Diamond Foods, Inc. in February 2016. The Diamond of California business is operated from the company’s Stockton, CA, facility, and net revenue in the third quarter of 2016 was $42.9 million.