ConAgra Foods Agrees to Acquire Private Label Pretzel Manufacturer National Pretzel Company from Brookstone Holdings
November 11 2011 - 11:20AM
Business Wire
ConAgra Foods, Inc. (NYSE: CAG) announced today that it has
agreed to acquire National Pretzel Company, based in Lancaster,
Pa., from Brookstone Holdings. 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. 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 percent
annually over the last three years, with total net sales
approaching $200 million. The company has a leading position in the
supply of private label pretzel items, and 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, Pa., Hanover, Pa. and Visalia, Calif. More
than 700 National Pretzel employees are expected to join ConAgra
Foods when the transaction closes.
“Acquiring National Pretzel Company is consistent with our
strategies for growth, which include expanding our private label
footprint and growing in strategic adjacencies,” said Gary Rodkin,
chief executive officer of ConAgra Foods. “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.”
About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG), is one of North America's
leading food companies, with brands in 97 percent of America’s
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s,
PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other
ConAgra Foods brands in grocery, convenience, mass merchandise and
club stores. ConAgra Foods also has a strong business-to-business
presence, supplying frozen potato and sweet potato products as well
as other vegetable, spice and grain products to a variety of
well-known restaurants, foodservice operators and commercial
customers. For more information, please visit us at
http://www.conagrafoods.com.
About National Pretzel Company
National Pretzel Company, Inc. (NPC), a Delaware corporation, is
a wholly owned subsidiary of Brookstone Holdings, Inc. NPC is a
private label supplier and branded producer of pretzels and related
products. All products are produced at its manufacturing facilities
in Visalia, Calif., Lancaster, Pa. and Hanover, Pa. Substantially
all products are sold through retail and foodservice channels
throughout the United States and Canada.
Note on Forward-looking StatementsThis release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management’s current views and assumptions of future
events and financial performance and are subject to uncertainty and
changes in circumstances. We undertake no responsibility for
updating these statements. Readers of this release should
understand that these statements are not guarantees of performance
or results. Many factors could affect our actual financial results
and cause them to vary materially from the expectations contained
in the forward-looking statements, including those set forth in
this release. These factors include, among other things:
availability and prices of raw materials; the effectiveness of our
product pricing, including any pricing actions and promotional
changes; future economic circumstances; industry conditions; our
ability to execute our operating plans; the success of our
innovation, marketing, and cost savings initiatives; the amount and
timing of repurchases of our common stock, if any; the competitive
environment and related market conditions; operating efficiencies;
the ultimate impact of any product recalls; access to capital;
actions of governments and regulatory factors affecting our
businesses, including the Patient Protection and Affordable Care
Act; and other risks described in our reports filed with the
Securities and Exchange Commission. We caution readers not to place
undue reliance on any forward-looking statements included in this
release, which speak only as of the date of this release.
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