ConAgra Foods to acquire National Pretzel Co.
Nov. 11, 2011
OMAHA — ConAgra Foods, Inc. has agreed to acquire National Pretzel Co. from Brookstone Holdings.
Headquartered in Lancaster, Pa., National Pretzel makes private label pretzels in a variety of forms, including rods, sticks, braids and twists, as well as branded products under the HK Anderson and Shultz labels. Financial terms of the transaction, expected to close within 30 days and subject to customary closing conditions, were not disclosed.
According to ConAgra, National Pretzel has posted annual net sales growth of 7% over the past three years, with total net sales of approximately $200 million. The transaction includes three bakeries located in Lancaster and Hanover, Pa., and Visalia, Calif. More than 700 National Pretzel employees are expected to join ConAgra Foods when the transaction closes.
“Acquiring National Pretzel Co. 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.”