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, the company said.
Financial terms of the transaction, expected to close within 30 days and subject to customary closing conditions, were not disclosed.
National Pretzel has posted net sales growth of 7% annually over the last three years, with total net sales approaching $200m. The company also posts sales under the HK Anderson and Shultz labels, both of which were included in the agreement.
Also included in the agreement are three bakeries located in Lancaster., Hanover, and Visalia (US). More than 700 National Pretzel employees are expected to join ConAgra Foods when the transaction closes.
Gary Rodkin, CEO of ConAgra Foods, said: “Acquiring National Pretzel Company is consistent with our strategies for growth, which include expanding our private label footprint and growing in strategic adjacencies.
“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.”
Source: ConAgra Foods
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