Snyder's-Lance completes Snack Factory acquisition
North Carolina-based Snyder’s-Lance Inc. has completed its acquisition of Snack Factory LLC, with its Pretzel Crisps brand, from California-based VMG Partners, the company said.
Snyder's-Lance unveiled the agreement in September for Snack Factory and certain affiliates that provides the company entry into the deli-bakery section of grocery stores, according to a news release.
The announced deal for $340 million in cash included about $60 million of net present value of future tax benefits, Snyder's-Lance previously said.
Snyder's-Lance said it reached a credit agreement providing for term loans of up to an aggregate principal amount of $325 million in connection with the acquisition, according to a regulatory filing.
Charlotte, N.C.-based Lance Inc. and York County-based Snyder's of Hanover formed Snyder's-Lance, a maker and marketer of snack foods under the Snyder's of Hanover, Lance, Cape Cod and other brands.