North American food company ConAgra Foods is to acquire Lancaster, Pa-based National Pretzel Company from Brookstone Holdings. Financial terms of the transaction were not disclosed.
ConAgra Foods, Inc. (NYSE: CAG) announced today that it has agreed to acquire National Pretzel Company, based in Lancaster, Pa., from Brookstone Holdings. National Pretzel makes private label pretzels in a variety of forms, including rods, sticks, braids and twists for a variety of customers, including many of the top grocery retailers in America. Financial terms of the transaction, expected to close within 30 days and subject to customary closing conditions, were not disclosed.
“National Pretzel is a leading private label manufacturer with a strong team in an attractive category. 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.”
National Pretzel has posted net sales growth of 7 percent annually over the last three years, with total net sales approaching $200 million. The company has a leading position in the supply of private label pretzel items, and also posts sales under the HK Anderson and Shultz labels, both of which were included in the agreement. Also included in the agreement are three bakeries located in Lancaster, Pa., Hanover, Pa. and Visalia, Calif. More than 700 National Pretzel employees are expected to join ConAgra Foods when the transaction closes.
“Acquiring National Pretzel Company is consistent with our strategies for growth, which include expanding our private label footprint and growing in strategic adjacencies,” said Gary Rodkin, chief executive officer of ConAgra Foods. “National Pretzel is a leading private label manufacturer with a strong team in an attractive category. 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.”
About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG), is one of North America’s leading food companies, with brands in 97 percent of America’s households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other ConAgra Foods brands in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. For more information, please visit us at http://www.conagrafoods.com.
About National Pretzel Company
National Pretzel Company, Inc. (NPC), a Delaware corporation, is a wholly owned subsidiary of Brookstone Holdings, Inc. NPC is a private label supplier and branded producer of pretzels and related products. All products are produced at its manufacturing facilities in Visalia, Calif., Lancaster, Pa. and Hanover, Pa. Substantially all products are sold through retail and foodservice channels throughout the United States and Canada.
Note on Forward-looking Statements
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