Shearer’s Foods, Inc., a leading producer and distributor of high quality branded, contract pack and private label seasoned snack foods, announced today that it has signed a definitive agreement to acquire Snack Alliance, Inc. and its Canadian affiliate, one of the fastest growing branded, contract pack and private label snack producers in North America. Completion of the transaction will be subject to customary regulatory approval.
“The combination of Shearer’s and Snack Alliance will create a leading North American supplier of private label and contract pack salty snack products, complemented by the high-growth riceworks® brand,” commented Robert J. Shearer, Chairman and CEO of Shearer’s. “The product manufacturing capabilities and geographic diversity of the combined companies will enable us to service our customers even more effectively.”
John Frostad, CEO of Snack Alliance, who will join the Shearer’s senior management team as Vice Chairman of Shearer’s and President – Canadian Operations, said, “I am very excited about this opportunity and the potential of the Shearer’s – Snack Alliance combination. We have tremendous respect for the Shearer’s team and look forward to broadening the Shearer’s product innovation capabilities and providing increased distribution proximity for our customers.”
Shearer’s is majority owned by Mistral Equity Partners, a private equity firm focused on the consumer, retail and consumer-focused media sectors. Snack Alliance is owned by Trimin Capital, a Canadian private equity firm, and members of the company’s management team. Rabo Securities USA, Inc. acted as exclusive sell-side Financial Advisor to Snack Alliance.
“The Snack Alliance acquisition will greatly enhance the scale, scope, and product development capacity of the Shearer’s organization. The resulting company will be uniquely positioned to support its private label and contract manufacturing partners on a nationwide basis and will benefit from the substantial growth expected in these segments,” noted Andrew Heyer, Managing Partner of Mistral Equity Partners.