Snyder's-Lance, a US-based salty snack maker, has agreed to buy Baptista's Bakery, a producer of baked snack foods and 'better for you' snacks.
As part of the agreement, Snyder's-Lance will acquire 100% stake in Baptista's Bakery, and its manufacturing facility.
Baptista's is a supplier of Snyder's-Lance's Snack Factory Snack Factory Pretzel Crisps brand.
Snyder's-Lance noted that Baptista's holds capabilities consistent with its innovation plans. The deal is expected to allow Snyder's-Lance to sharpen its focus on its branded products in growth categories.
Baptista's Bakery was established in 1999 following the sale of Gardetto's Bakery to General mills.
Snyder's-Lance president and CEO Carl Lee said the team at Baptista's is strong and dedicated, with many new product ideas which will be an excellent pairing for company's brands.
"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," Lee added.
The transaction, which is expected to be completed in the second quarter of 2014, is subject to regulatory approvals and customary closing conditions.
