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Snyder's-Lance completes Snack Factory acquisition

By , - Last modified: October 12, 2012 at 10:04 AM

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.

Shares of Snyder's-Lance are traded on the Nasdaq under the ticker symbol LNCE.

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