ConAgra Foods, Inc. (NYSE: CAG) announced today that it has acquired Kangaroo Brands' pita chip business. ConAgra Foods' acquisition of the pita chip business is consistent with its strategy to grow its presence in private label foods.
"Pita chips are a high-growth category and a natural fit with ConAgra Foods' private label snacks business," said Gary Rodkin, chief executive officer of ConAgra Foods. "We are pleased to add another business that further positions us for accelerated growth."
Based in Milwaukee, WI, Kangaroo Brands is a leader in private label pita chips and generates approximately $20 million in annual revenue. The acquisition includes a manufacturing facility located in Milwaukee and approximately 50 employees who joined ConAgra Foods from Kangaroo Brands. Kangaroo Brands will continue to own and market its pita bread and frozen sandwiches.
This is the fourth acquisition in the past fiscal year for ConAgra Foods, following the acquisitions of National Pretzel Company, Del Monte Canada and Odom's Tennessee Pride.
Financial terms of the transaction were not disclosed.
Source: Conagra Foods