Snyders-Lance sells Private Brands division to Shearers
Snyder’s-Lance, a Charlotte, N.C.-based manufacturer of snack foods under its own brands and for retailers’ private brands, said it signed a definitive agreement to sell its Private Brands division and two manufacturing facilities — one in the United States and another in Canada — to Shearer’s Foods LLC, a provider of private label snacks headquartered in Massillon, Ohio, for $430 million. Consistent with the Snyder’s-Lance strategic plan, the transaction will allow Snyder’s-Lance to focus entirely on its branded products by placing more resources to work on growth categories such as better-for-you, nutritional and premium. These growth platforms will benefit from incremental product development, innovation, marketing and one of the largest direct-store-delivery (DSD) networks in the United States.
"This transaction is an important step forward for Snyder's-Lance as we dedicate our attention to our branded portfolio," said Carl E. Lee Jr., president and CEO, Snyder’s-Lance. "Over the past several years, we have been building operational and branded capabilities which provide an exceptional platform for accelerating growth. [Our] Private Brands [division] has performed well over that time and is now in a position where a new, private-brands-centric owner can build on this momentum and take it to new levels.”