MINNEAPOLIS — Flagstone Foods, one of the largest manufacturers and distributors of private label snacks and trail mixes in North America, has acquired Emerald Nuts from Camden, NJ-based Campbell Soup Co. Financial terms of the transaction were not disclosed.
Founded in 2004, Emerald Nuts offers a variety of nuts, including almonds, pecans, walnuts, cashews, peanuts and mixed nuts in a wide range of flavors. The company offers products in grab-and-go 100 calorie packs as well as assorted individual bags.
“Emerald has been providing high-quality branded snack nuts since 2004 and is now the go-to option for consumers seeking better-for-you snacking on the go,” said Harry Overly, chief executive officer of Flagstone Foods. “Adding Emerald Nuts to our portfolio establishes a new avenue for Flagstone to service our customers with innovative snack products and unites two industry leaders with a shared commitment to the highest levels of product quality and innovation. Our Flagstone team is excited to welcome Emerald as a transformative acquisition to our portfolio, and we’re looking forward to continuing to drive growth for both Flagstone and our retail partners.”
Flagstone Foods was formed in 2019 following Atlas Holdings LLC’s $90 million acquisition of the snack nuts and trail mix business of TreeHouse Foods, Inc. The company had operated independently as Flagstone Foods prior to being acquired by TreeHouse in June 2014. Flagstone operates three manufacturing plants in Dothan, Ala.; Robersonville, NC; and El Paso, Texas.
Campbell Soup acquired the Emerald nuts business as part of its acquisition of Snyder’s-Lance, Inc. in 2018. Snyder’s-Lance had acquired the business as part of its acquisition of Diamond Foods, Inc. in 2015.
According to Campbell Soup, the Emerald business generated net sales of $66 million in fiscal 2022 and $46 million for the nine-month period ended April 30, 2023. The company said it does not expect the divestiture to have a material impact to its fiscal 2023 financial results. In addition, the transaction is expected to be dilutive to earnings per share by approximately 1¢ in fiscal 2024, reflecting the timing of a transition service agreement and cost actions.“The sale of the Emerald business is part of our ongoing strategic process to create even greater focus on driving accelerated growth across our Snacks division and power brands,” said Chris Foley, executive vice president and president, Campbell Snacks.