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ConAgra Foods, Omaha, Neb., says it will acquire National Pretzel Co., 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.
National Pretzel reportedly has total net sales approaching $200 million. The company also has a leading position in the supply of private-label pretzel items, and posts sales under the HK Anderson and Shultz labels, both of which are included in the agreement. The agreement also includes 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 Co. is consistent with our strategies for growth, which include expanding our private-label footprint and growing in strategic adjacencies,” notes 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’re 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.”
Financial terms of the transaction, expected to close within 30 days and subject to customary closing conditions, were not disclosed.