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Meat snack producer Stryve Foods has entered into a merger agreement with Andina Acquisition Corp. III, in a move that will see the combined business become a public listed company valued at $170 million.

Following the transaction, the combined company will be renamed Stryve Foods, Inc and is expected to remain listed on the NASDAQ under the ticker SNAX. The transaction values the combined company at an enterprise value of $170 million.

As part of the business combination, Andina will acquire Stryve’s business and redomesticate from the Cayman Islands and become a Delaware corporation.

The company also secured $42.5 million in common stock at $10 per share from investors such as Hollywood actor Channing Tatum and Los Angeles quarterback Justin Herbert. The transaction is also expected to provide approximately $67 million in gross cash proceeds to the company.

Stryve Foods, Inc will continue to focus on manufacturing and marketing healthy snacks that aim to disrupt traditional snacking categories. The US-based protein snack firm offers a range of air-dried meat products that are high in protein and low in sugar with no artificial ingredients – including biltong and carne seca – in over 17,000 retail stores across the US and Canada.

Upon closing of the transaction, the combined company will continue to be led by Joe Oblas, co-CEO and co-founder of Stryve, and Jaxie Alt, co-CEO and chief marketing officer, as well as their executive leadership team.

“We firmly believe that Stryve is well-positioned to capitalise on favourable better snacking trends as well as the considerable whitespace for health-driven innovation in what remains a large, fragmented category with underdeveloped channels," said Joe Oblas. 

“We are excited to be partnering with Andina as we transition into the public markets and are committed to enhancing value for all of our stakeholders," he added.

Luke Weil, chairman of Andina, and Julio Torres, CEO of Andina, said: “Stryve is a unique and compelling investment opportunity that is changing the way Americans snack and we look forward to joining with them on their mission.

“With a leadership team that has proven themselves in operating and scaling profitable businesses along with significant tailwinds for functional and nutritious snacking, we believe Stryve is poised for rapid growth and value creation.”

The business combination is expected to close in the second quarter of 2021, following Andina stockholder approval and customary closing conditions.