The acquisition includes the Planters®, NUT-rition®, Planters® Cheez Balls and Corn Nuts® brands, as well as three production facilities.
“This is an important day for Â鶹ӳ» as we close the largest acquisition in our company’s history. As a global branded food company, we have been making a purposeful and strategic shift in our portfolio of brands and products, which includes enhancing our snacking offerings. The Planters® snacking business is an important cornerstone to this strategy, and now joins our leading brands such as SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin’s®, Columbus® and Wholly® Guacamole,” said Jim Snee, chairman of the board, president and chief executive officer at Â鶹ӳ». “The Planters® snacking business will now have the world-class resources of Â鶹ӳ» marketing, innovation and robust sales organization behind it to drive further growth. We welcome the Planters® team members to the Â鶹ӳ» family. Together, we are going to do great things for this business.”
Citi and Credit Suisse were the financial advisors to Â鶹ӳ» and Faegre Drinker Biddle & Reath LLP served as legal counsel.