Snyder’s-Lance has taken an 80% stake in US organic snacks maker Late July Snacks, a business that will become part of a concerted push into healthier products.
The company revealed it had “increased” its investment in Late July yesterday (4 November), alongside the publication of its third-quarter results. Snyder’s-Lance also said Late July founder and CEO Nicole Bernard Dawes would keep an “ownership position”.
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However, Snyder’s-Lance CFO Rick Puckett later revealed the size of the company’s stake when discussing the figures – and the group’s push into better-for-you snacks – with Wall Street analysts.
“We had a 19% stake in Late July for about seven years. We now have an 80% stake with this latest investment. This was closed late last week,” Puckett said.
Late July will form part of a new “better-for-you” snacks division at Snyder’s-Lance. Carl Lee Jr, the president and CEO of Snyder’s-Lance, said yesterday the company had set up the new unit – which will also house the Snack Factory and EatSmart brands – to “become the trusted leader in healthy snacking and sustainable food”.
The division, Lee said, would “allow us to drive our long-term growth and begin to reshape the overall company”.
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