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Snyder's-Lance, Inc. Announces Agreement To Acquire Snack Factory, LLC

CHARLOTTE, N.C., Sept. 5, 2012 /PRNewswire/ -- Snyder's-Lance, Inc. (Nasdaq-GS: LNCE) today announced that it has entered into a definitive agreement to acquire Snack Factory, LLC and certain affiliates, for $340 million in cash. This includes approximately $60 million of net present value of future tax benefits. Snyder's-Lance, Inc. ( Snyder's-Lance) expects to close the transaction early in the fourth quarter. The completion of the transaction is subject to customary conditions, including receipt of required regulatory approvals.  Snyder's-Lance was advised by Edgeview Partners in the transaction and was supported by the law firm of K&L Gates, LLP.  Snack Factory and VMG Partners were represented by Houlihan Lokey and the law firm of Kirkland & Ellis.

Transaction highlights:
  • Adds a fast growing differentiated national core brand to our existing portfolio
  • Provides entry into the deli-bakery section of grocery stores, an attractive and growing retail area for snacks
  • Expected to add approximately $0.02 to Snyder's-Lance earnings per share, excluding transaction related costs, in 2012 and approximately $0.10 to earnings in 2013
  • Expected to add approximately $160 million to estimated 2013 net revenues
  • Transaction brings an experienced management team and sales force who can provide new marketing and sales abilities to augment our current expertise

As the world's first pretzel-shaped cracker, Snack Factory's market-leading Pretzel Crisps® are exceptionally thin, flat crackers that are all natural and have multiple uses in snacking.  The Pretzel Crisps® brand is known for its portfolio of innovative flavor profiles, its commitment to providing the highest-quality, natural ingredients, and its broadening base of passionate, influential consumers.  As a result, the brand has become the fastest-growing brand in premium snacking and has developed strong relationships with retail partners.  At only 110 calories per serving, the line features flavors such as Original, Garlic and Parmesan, Everything and Sesame. The products are sold nationally in leading retailers across multiple channels, and have developed a passionate following with consumers looking for a unique snack that's great on its own while also being perfect for dips, spreads and other toppings.

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