The all-cash transaction saw Campbell acquire Snyder’s-Lance for $50 per share, which the company said represents an enterprise value of about $6.1 billion.
Campbell said it is integrating its Pepperidge Farm and Snyder’s-Lance portfolios to create Campbell Snacks. Carlos Abrams-Rivera, former president, U.S. Biscuits and Snacks, will head the new unit. He reports to Luca Mignini, president, Global Biscuits and Snacks.
“Snyder’s-Lance represents a strategic and transformative acquisition for Campbell, creating a $10-billion company with nearly half of our annual net sales in the faster-growing snacks category,” said Denise Morrison, Campbell’s president and CEO, in a prepared statement. “The combination of Campbell and Snyder’s-Lance creates a unique, diversified snacking portfolio of differentiated brands and a large variety of better-for-you snacks for consumers. I am excited about the combination and confident that it will create significant shareholder value through both revenue growth and cost synergies.”
Announced in December, Campbell’s purchase of Snyder’s-Lance marks the biggest acquisition in the Camden-based company’s 149-year-history.