DELPHI, IND. — Indiana Packers Corp. (IPC), a subsidiary of Tokyo-based Mitsubishi Corp., has reached an agreement to acquire Specialty Foods Group, L.L.C. (SFG). Financial terms were not disclosed.

Headquartered in Owensboro, Ky., SFG makes premium branded and private label processed meat products, including franks, hams, turkey, bacon, luncheon meats and delicatessen meats. The company’s products are sold under several brands, including Kentucky Legend, Field, Fischer’s, Artisan Crafted Series, Mickelberry’s, Kentucky Gold and Scott Pete.

IPC said the acquisition will strengthen its foundation for growth as well as position it to leverage valuable synergies relating to raw material utilization, manufacturing and sales and marketing capabilities.

Indiana Kitchen hamIPC operates pork processing facilities in Holland, Mich., and Frankfort, Ind. The company makes pork, bacon and premium processed hams under the Indiana Kitchen brand and private label brands.

“We’re looking for ways to grow our business, and adding SFG is strategically on-point,” said Russ Yearwood, president and chief operating officer of IPC. “They’re a company with successful brands, outstanding people and smart business strategies. This acquisition will improve our position in a very competitive global protein market.”

The transaction remains subject to regulatory approvals but is expected to close in the third quarter of 2018.