Snyder's-Lance, Inc. announced a definitive agreement has been signed to acquire Baptista's Bakery, Inc., an industry leader in baked snack foods and "better for you" snacks. It is the manufacturer of the fast growing Snack Factory® Pretzel Crisps® brand and has unique capabilities consistent with the innovation plans of Snyder's-Lance, according to the release. This transaction supports efforts by Snyder's-Lance to sharpen its focus on our branded products in growth categories such as "better for you" and other emerging products which are driven by consumer preferences and insights.
"Baptista's is a leader in highly differentiated snacks, and we're excited to be working with their talented, creative team" said Carl E. Lee, Jr., president and chief executive officer of Snyder's-Lance, in a prepared statement. "Baptista's is a company that has excelled in providing exceptional product quality and innovation while commercializing production in ways that are effective and unique. The team at Baptista's is strong and dedicated, with many new product ideas which will be an excellent pairing for our brands. Our culture and values fit well with those of Baptista's which are focused on a dedication to employees and to the community. We are committed to retaining and growing the Franklin, Wis., facility, which is strategically well positioned within our network. By combining the resources and expertise of Baptista's with the scale of Snyder's-Lance, we will accelerate our ability to deliver exciting, on-trend snacks and product innovation while expanding our 'better for you' products and gaining needed capacity for our growing Snyder's of Hanover pretzels. We welcome the Baptista's team to the Snyder's-Lance family and look forward to winning together!"
"I am so proud of everyone at Baptista's and am very grateful for the outstanding success we have had these past 15 years," commented Nan Gardetto, CEO and founder of Baptista's. "Our success is a direct result of the dedicated, talented group of people who make up our employee team. Foremost in my mind, as I entered into conversations that led to this transaction, was my desire to find an organization that would be equally committed to our people and our community. Certainly we believe we have found an excellent steward for our business in Snyder's-Lance. The combination of Baptista's quality and product innovation teamed with the marketing, sales and distribution capabilities of Snyder's-Lance means our best accomplishments are yet to come. I am personally excited for our company's future and the success that lies ahead."
Under the transaction terms, Snyder's-Lance will acquire 100 percent of Baptista's Bakery, Inc. and its manufacturing facility. William Blair & Co., L.L.C. acted as financial advisor, and Foley & Lardner, LP acted as legal counsel to Baptista's in the transaction. K&L Gates LLP acted as legal counsel to Snyder's-Lance. Completion of the transaction is subject to regulatory approvals as well as customary closing conditions and is expected to close in the second quarter of this year.
