The Hillshire Brands Company (NYSE:HSH) today announced it has signed an agreement to acquire the maker of Golden Island jerky products, a leader in the gourmet jerky category. Terms were not disclosed, and the transaction is expected to close by the end of September 2013, pending closing conditions.
“We are excited to add Golden Island to our strong portfolio of brands, as it provides an entry point into the attractive dried meat snacks category,” said Sean Connolly, president and chief executive officer, The Hillshire Brands Company. “This highly appealing category generates retail sales of more than $2 billion annually and has had 10 percent volume growth over the past two years.”
Connolly added, “While we are excited about our future prospects in this category, this is a small acquisition for us and is not expected to have a material impact on our earnings this fiscal year.”
Golden Island will become part of Hillshire Brands’ Gourmet Food Group, pairing with high-end brands like Aidells and Gallo. That group will be run by Sally Grimes, who, in addition to serving as senior vice president and chief innovation officer, will assume the role of president, Hillshire Brands Gourmet Food Group.Founded more than 50 years ago, the company’s Golden Island Jerky brand uses all natural ingredients with no preservatives and less sodium than most jerkies. Its innovative cooking processes produce tender and delicious products that differentiate it from traditional jerkies. “Hillshire Brands is the perfect company to help take the Golden Island brand to new heights,” said Anna Kan, president, Golden Island. “I look forward to continuing to work with the great people at Hillshire Brands to maximize our potential.” About The Hillshire Brands Company The Hillshire Brands Company (NYSE:HSH) is a leader in focused food solutions for the retail and foodservice markets. The company generated approximately $4 billion in annual sales in fiscal 2013. The company’s more than 9,000 employees work together every day toward a common purpose – fulfilling the hunger for a life well fed. Hillshire Brands’ portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells and Gallo Salame. For more information on the company, please visit www.hillshirebrands.com. About Golden Island Jerky Headquartered in Rancho Cucamonga, Calif., Golden Island is the nation’s leading manufacturer of premium gourmet jerky products. A third-generation, family-owned business with more than 60 years of specialty meat experience, Golden Island produces more than 20 gourmet varieties, inspired by bold and exotic flavors from around the world. Using a proprietary cooking and marinating process that’s been perfected over the last six decades, Golden Island kettle cooks its beef and flame grills its pork jerky in small batches with no preservatives, ensuring that all flavors are authentic and delicious representations of the ingredients they are inspired by. Made with whole cuts of meat, Golden Island Jerky packs up to 8 grams of protein in each serving and contains 40-60% less sodium than most other jerkies. Golden Island Jerky is available online as well as at select Costco locations nationwide. For more information, visit www.goldenislandjerky.com and “Like” Golden Island Jerky on Facebook. Forward-Looking Statements This release contains certain forward-looking statements involving risks and uncertainties, including uncertainties associated with the transaction between Hillshire Brands and the maker of Golden Island jerky products, the timing of the transaction and the transaction’s anticipated strategic benefits. Forward-looking statements speak only as of the date of this release and are based on information available at the time those statements are made, as well as management’s views and assumptions regarding future events. You should not put undue reliance on any forward-looking statements. Hillshire Brands does not undertake to update its forward-looking statements, except as required by law.