CHARLOTTE, N.C. — Snyder’s-Lance, Inc. has agreed to acquire Snack Factory, L.L.C. and certain affiliates for $340 million in cash.
Snyder’s-Lance said the addition of Snack Factory will provide entry into the deli-bakery section of grocery stores, an attractive and growing retail area for snacks. Based in Princeton, N.J., Snack Factory makes Pretzel Crisps, thin, ﬂat crackers in the snack category. Pretzel Crisps are available in original, garlic and Parmesan, Everything and sesame.
“We are excited about the opportunity to add the Snack Factory family of products to our growing portfolio of outstanding snack food brands,” said David V. Singer, chief executive officer of Snyder's-Lance. “We believe that the passion for quality and excellence at Snyder’s-Lance will further enhance the success already achieved by these outstanding products. The team at Snack Factory has done an amazing job of developing such a successful brand with a loyal following. We look forward to bringing together our collective strengths as Snyder’s-Lance continues to build an even stronger snack foods company.
“Snack Factory is truly a welcome addition, and we are certain that customers and consumers alike will be excited at the possibilities for this premium, unique line of great tasting products.”
Snack Factory is projected to add approximately 2c to Snyder’s-Lance earnings per share, excluding transaction related costs, in 2012 and approximately 10c to earnings in 2013. It also is expected to add approximately $160 million to estimated 2013 net revenues.
Tom O’Rourke, c.e.o. of Snack Factory, said the acquisition by Snyder’s-Lance will allow the company’s products “to reach more consumers, continue to build exceptional brand equity and bring more exciting innovation to the marketplace.”