Deal Dive: Our Home Buys From Utz and Tessemae’s Acquired
M&A activity continues to accelerate. This morning we are bringing you updates on the changing snack landscape as Our Home expands its platform with tried-and-true Utz Brand muscle. Additionally we run down news that distressed salad dressing maker Tessemae’s has found a new home and share details on a growing pasta platform.
Our Home, formerly known as Powered by Real Food From The Ground Up, announced today it has acquired R.W. Garcia and Good Health brands from Utz, along with two new manufacturing facilities and control of a lease on Utz’s Las Vegas production plant.
The transaction is valued at approximately $182.5 million and will help Utz reduce long term debt; it is expected to close on Feb. 5, 2024.
Both snack players are set to gain from the deal while leveraging manufacturing and distribution synergies between the two businesses: Our Home will continue to make certain Utz products and select Good Health products will continue to be sold through Utz’s DSD network. Our Home said it will offer employment opportunities to existing Utz employees at all three facilities.
At close, Our Home will operate five manufacturing facilities and have the ability to vertically integrate its salty snack business which includes Food Should Taste Good, Popchips, Real Food From The Ground Up, and YOU NEED THIS.
“We are thrilled to announce this acquisition from Utz as it significantly scales Our Home’s snacking platform and manufacturing footprint across the United States,” said Aaron Greenwald, founder and CEO of Our Home. “Through our owned-production facilities led by our invaluable team members, along with a carefully curated brand portfolio, we aim to be the preferred choice for those seeking high-quality, Better-for-You snacks.”
In other deal news today:
Tessemae’s emerged from bankruptcy this morning after PANOS Brands, the parent company of Walden Farms, Chatfield’s and Mi-Del cookies, among others, announced it acquired certain assets of its salad dressings and condiments portfolio. PANOS stated that the integration of the Tessemae’s business will complement its existing Walden Farms dressings line.
“We’re excited to partner with retailers to expand availability of Tessemae’s across markets to service the strong consumer interest in the refrigerated and shelf stable dressings,” said Darcy Zbinovec, CEO of PANOS brands.
Additionally, frozen pasta maker Seviroli Foods announced it has purchased three frozen pasta brands – Bernardi, Rotanelli’s and Mona’s – from Japan’s Ajinomoto Group. The deal will also see Seviroli, which is owned by PE firm Mill Point Capital, take control of “related intellectual property and equipment” for the three brands. In July, Seviroli also acquired frozen pasta manufacturer Mama Rosie’s.
