Hormel Foods wraps up $3.3bn acquisition of Kraft Heinz’ nuts business
Minnesota-based food company Hormel Foods has completed its previously announced $3.35 billion acquisition of Kraft Heinz’ nuts business, which includes the Planters snacking portfolio.
As per the terms of the deal signed in February 2021, Hormel Foods has acquired Planters, NUT-rition, Planters Cheez Balls and Corn Nuts brands, and three production facilities.
Jim Snee – chairman of the board, president, and CEO of Hormel Foods said: “As a global branded food company, we have been making a purposeful and strategic shift in our portfolio of brands and products, which includes enhancing our snacking offerings.
“The Planters snacking business is an important cornerstone to this strategy, and now joins our leading brands such as SKIPPY, SPAM, Hormel Natural Choice, Applegate, Justin’s, Columbus and Wholly Guacamole.
“The Planters snacking business will now have the world-class resources of Hormel Foods marketing, innovation and robust sales organization behind it to drive further growth.”
Citi and Credit Suisse served as financial advisors to Hormel Foods for the transaction, while Faegre Drinker Biddle & Reath was the legal counsel.
Miguel Patricio – Kraft Heinz CEO said: “The sale of our Nuts portfolio is another important milestone in our transformation.
“The divestiture is a great example of our agile portfolio management and will help Kraft Heinz enhance our overall growth profile while enabling our strategic focus.”