Campbell to acquire snack company Snyder’s-Lance
Campbell has announced that it has entered into an agreement to acquire Charlotte, N.C.-based Snyder’s-Lance. This move will enable the Camden, N.J.-based brand to expand its portfolio of leading snack brands, the company said.
Snyder’s-Lance manufactures and markets snack foods such as pretzels, sandwich crackers, kettle chips and deli snack throughout the United States. Its brands include Snyder’s of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.
“The acquisition of Snyder’s-Lance will accelerate Campbell’s strategy and is in line with our Purpose, ‘real food that matters for life’s moments.’ It will provide our consumers with an even greater variety of better-for-you snacks. The combination of Snyder’s-Lance brands with Pepperidge Farm, Arnott’s and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders. This acquisition will dramatically transform Campbell, shifting our center of gravity and further diversifying our portfolio into the faster-growing snacking category. We look forward to welcoming Snyder’s-Lance’s employees and their trusted family of leading brands to our company,” Denise Morrison, Campbell’s president and chief executive officer, said.
Campbell’s baked snack product portfolio generated approximately $2.5 billion in 2017, and this latest acquisition would allow snacking to represent 46% of annual net sales, the company said.
“Following a thorough review process of strategic options, we believe this transaction maximizes value for our shareholders through an immediate and certain cash premium. The transaction also unlocks the value of our portfolio, reflecting the progress we have made planning and executing our transformation. We are excited to join Campbell and to continue to provide great products to our consumers with an uncompromising focus on ingredients, quality, and taste,” Brian J. Driscoll, president and chief executive officer of Snyder’s-Lance, said.