Recently-listed US snacks maker Utz Brands has acquired assets of the filled-pretzel brand H.K. Anderson from local food major Conagra Brands.
The purchase price is said to be “less than US$10m”.
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Pennsylvania-based Utz, which owns savoury snack brands including Boulder Canyon, Golden Flake, Zapp’s and Utz, said in June it was likely to pursue an acquisition strategy after being taken over by Collier Creek Holdings, a vehicle set up by a former Kraft Foods executive.
Utz said its newly-announced acquisition enables it to “jump-start” its entry into the growing filled-pretzel segment. The acquisition includes intellectual property specific to the H.K. Anderson brand but does not include employees, facilities or equipment.
Dylan Lissette, Utz’s CEO, said: “The approximate $100m filled segment of pretzels is ripe for innovation and growth. As we look to increase our share in the rapidly expanding salty snack category through new products and geographic growth, this type of acquisition is tailor-made for the synergies and growth opportunity afforded by our platform.”
Chicago-based Conagra – which has a portfolio of brands including Birds Eye, Marie Callender’s, Banquet, Slim Jim and Reddi-wip – took over H.K. Anderson, which can trace its roots back to 1888, in December 2011 as part of its acquisition of National Pretzel Co.
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By GlobalData
