The Hillshire Brands Co., Chicago, has signed an agreement to acquire Golden Island Jerky, a gourmet jerky manufacturer in Rancho Cucamonga, Calif. Terms were not disclosed, and the transaction is expected to close by the end of this month, pending closing conditions.
“We are excited to add Golden Island to our strong portfolio of brands, as it provides an entry point into the attractive dried meat snacks category,” says Sean Connolly, president and CEO, The Hillshire Brands Co. “This highly appealing category generates retail sales of more than $2 billion annually and has had 10% volume growth over the past two years.
“While we are excited about our future prospects in this category, this is a small acquisition for us and is not expected to have a material impact on our earnings this fiscal year.”
Golden Island will become part of Hillshire Brands’ Gourmet Food Group, pairing with high-end brands like Aidells, a line of all-natural sausages, and Gallo Salame. The group will be run by Sally Grimes, who, in addition to serving as senior vice president and chief innovation officer, will assume the role of president, Hillshire Brands Gourmet Food Group.
“Hillshire Brands is the perfect company to help take the Golden Island brand to new heights,” says Anna Kan, president of Golden Island. “I look forward to continuing to work with the great people at Hillshire Brands to maximize our potential.”
Source: The Hillshire Brands Co.