May 7, 2014
Wind Point And Teachers' Portfolio Company Shearer's Foods Signs Agreement To Acquire Lance Private Brands
North America’s largest supplier of private label salty snacks expands into cookies, crackers and wafers
Wind Point Partners and Ontario Teachers’ Pension Plan (Teachers’) announced today that portfolio company Shearer’s Foods has signed an agreement to acquire Lance Private Brands, a private label manufacturer of cookies, crackers and wafers, from Snyder’s-Lance, Inc. (NASDAQ:LNCE). The transaction is expected to close in the second quarter of 2014 after required regulatory approvals are received.
Based in Massillon, Ohio, Shearer’s is a contract manufacturer and private label supplier in the snack industry. Shearer’s serves the nation’s largest branded snack food companies and leading blue-chip retailers.
Wind Point and Teachers’ partnered with CJ Fraleigh, who joined Shearer’s as Chairman and CEO. CJ, who most recently served as CEO of Sara Lee – North America, has 25 years of experience in consumer products.
“Lance Private Brands is a transformative acquisition for Shearer’s, significantly expanding our product offerings,” commented Fraleigh. “With this acquisition, Shearer’s is well-positioned to capitalize on the growth of contract manufacturing and private label brands with new product capabilities in cookies and crackers, in addition to our existing salty snack products.”
"Acquisitions like Lance Private Brands are a strategic element of our value creation plan for Shearer’s."
-Mark Burgett, Managing Director
Mark Burgett, a managing director at Wind Point stated, “Lance Private Brands is an exciting opportunity for Shearer’s. Acquisitions like Lance Private Brands are a strategic element of our value creation plan for Shearer’s. CJ has an excellent track record of integrating and growing add-on acquisitions, and we’re excited about the growth potential of the combined businesses.”
Lance Private Brands will be Shearer’s second add-on acquisition. Shearer’s acquired Medallion Foods, a manufacturer of tortilla chips, corn chips and cheese snacks, in April 2014.