ConAgra Foods has agreed to buy US private-label firm National Pretzel Co. for an undisclosed sum.
The deal, which is expected to be finalised in the next month, will see ConAgra buy a firm with sales “approaching” US$200m, the company said on Friday (11 November). National Pretzel, which makes own-label and branded products, has seen sales grow 7% a year over the last three years, ConAgra said.
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“National Pretzel is a leading private-label manufacturer with a strong team in an attractive category,” ConAgra CEO Gary Rodkin said. “We are excited about its future growth potential and are confident we can profitably leverage our innovation and supply chain capabilities as we integrate our businesses after close of the transaction.”
As part of the deal, ConAgra will attain National Pretzel’s own-label and branded operations, which include products sold under the HK Anderson and Shultz brands. ConAgra will also take on three National Pretzel bakeries – two in Pennsylvania and one in California.
The acquisition is ConAgra’s first since it failed to buy US private-label company Ralcorp Holdings. Ralcorp rejected a number of offers, insisting its plans to divide in two would be more valuable to its shareholders.
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