USA: Van’s Natural Foods to be acquired by Hillshire Brands
It has been reported that The Hillshire Brands Co. has agreed to acquire Van’s Natural Foods from private equity firm Catterton Partners. The company has said it will pay $165 million in the deal.
The acquisition would broaden Hillshire’s portfolio of frozen food products and extend the company’s reach into the cereal and snack categories with the Van’s product line featuring products such as chips, cereals, crackers, french toast, pancakes, waffles and snack bars.
Hillshire Brands Co president and chief executive officer, Sean Connolly, commented “The Van’s brand is a terrific addition to our portfolio. Not only does it expand our presence in the frozen category, it also gives us a proven health and wellness brand with extendibility beyond frozen”.
According to Food Business News, Van’s Natural Foods revenues are set to reach $60million in 2014 and the acquisition is expected to close in May this year. The LA Times also added that Van's will be part of Hillshire's retail segment and its current management will stay on to lead the division.
Source: Food Business News / LA Times