Conagra Brands is figuratively adding some fresh meat to its lineup of companies, agreeing to acquire maker of Duke's® meat snacks and BIGS® seeds, Thanasi Foods. While financial terms of the deal have yet to be released, the transaction is set to close as soon as summer 2017.
"This is another exciting step in our ongoing efforts to reshape our portfolio to be more premium and modern," said Sean Connolly, President and Chief Executive Officer of Conagra Brands. "These on-trend brands extend our meat snacks and seeds businesses into faster-growing, more premium segments. We are looking forward to working with the Thanasi team to grow the brands further and create value for our shareholders."
Already managing the Slim Jim® meat stick and the DAVID® Seeds brands, this acquisition seeks to further two key areas of business for the company. According to a press release, Duke’s is a fast-growing premium meat snack brand, with products including Duke's Smoked Shorty® Sausages and Duke's Steak & Brisket Strips. The Duke's line is made in small batches, with a focus on quality ingredients and authentic hardwood smoke pairings. BIGS, on the other hand, produces a line of seed snacks that includes jumbo in-shell sunflower seeds, sunflower seed kernels, and roasted pumpkin seeds, each featuring big, bold flavors.
"What started 13 years ago as a simple passion for fire roasting seeds and slow smoking meats, has grown into two terrific brands that are recognized in households across the U.S.,” shared Justin "Duke" Havlick, Founder and Chief Executive Officer of Duke's and BIGS. “This is an incredibly exciting time for our brands and our team, and we are looking forward to working with the Conagra Brands team on the next chapter in our journey to take Duke's and BIGS to another level."
When the transaction is complete, both the Duke's and BIGS brands will continue operating out of Boulder, Colorado. "The Conagra Brands team values our brand beliefs and is committed to continuing to use quality ingredients and the craft methods that deliver the creativity and flavor our consumers and fans love today,” Havlick added.
With this increased strength in both the meat and seed sectors of its business, will this acquisition gain the company the market share its after? Stay tuned to Deli Market News for more.