Tyson Foods has completed the acquisition of Philadelphia-based Original Philly Holdings, a producer of Philly-style sandwich steak and cheesesteak appetiser products.
Original Philly Holdings consists of two business units: Original Philly Cheesesteak Company, which manufactures raw Philly-style sandwich steak products; and Philadelphia Pre-Cooked Steak Company, which manufactures fully-cooked Philly-style sandwich steak products.
Its customers include foodservice, retail and convenience store providers. The company, which employs approximately 250 people, operates two plants in Philadelphia.
The news comes as Tyson posted strong figures in its fourth-quarter results: revenue rose to $10.15 billion, with its beef and chicken segments experiencing a 3.3% and 4.1% increase in sales respectively.
Tyson Foods Prepared Foods Group president Sally Grimes said that Original Philly Holdings is a natural, strategic fit for the company.
“The Original Philly brand and portfolio of products are highly regarded in the foodservice industry and have a growing list of customer relationships with chain and convenience store operators.
“We look forward to combining our commercial and operational resources with Original Philly Holdings’ capabilities to offer new solutions to customers and consumers, expand distribution, and continue the growth and legacy of the business.”
Original Philly Holdings CEO John Karamatsoukas said: “We’re excited to be part of the Tyson Foods family, which will allow us to build on the legacy of our business.
“Tyson Foods is a leader in the food industry and has a strong reputation for successfully acquiring and growing family-owned businesses like ours. With deep appreciation for our customers, employees, and vendors’ contributions to Original Philly’s success, I remain confident that Tyson Foods will honour and operate the business in a manner consistent with the values we embrace.”
© FoodBev Media Ltd 2018
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