Snyder’s-Lance Inc. will pay $195 million for Franklin-based Baptista’s Bakery, the company said this morning in its earnings conference call.
The companies reported yesterday that Baptista’s would be acquired by Snyder’s-Lance.
The Charlotte, N.C. snack manufacturer, which makes brands like Jays and Snyder’s of Hanover, also announced this week that it plans to sell its private brands to Shearer’s Foods, LLC for $430 million.
According to the earnings presentation, Snyder’s-Lance will refinance existing debt to complete the transactions and will use the net proceeds to make other strategic acquisitions.
Baptista’s, a contract product developer and manufacturer for large consumer packaged goods firms, produces the company’s fast-growing Snack Factory Pretzel Crisps product.
The acquisition of Baptista’s will solidify Snyder’s-Lance’s solid market share in pretzel crisps, add needed manufacturing capacity and fuel innovation capabilities. The move will sharpen Snyder’s-Lance’s focus on premium healthier products, since Baptista’s is a certified organic and gluten-free facility that makes “better for you” products, it said in the presentation.
Snyder’s-Lance reported net revenue of $436.8 million in the first quarter, up from $418.6 in the first quarter of 2013.
Nan Gardetto founded Baptista’s in 1999 after selling the family business, Gardetto’s, to General Mills, Inc. The company has about 400 employees and its facility was recently expanded to 260,000 square feet.
BizTimes will present Gardetto with the Woman Executive of the Year Award during the BizTimes Women in Business Breakfast at the BizExpo on Wednesday, May 21, at Potawatomi Bingo Casino. For more information or to register, visit www.biztimes.com/women.