In recent years, Hormel Foods has been on the prowl, busy acquiring companies and products as the economic headwinds have eased and sparked growth in the M&A space.
The Austin, Minn.-based protein and food processor has added several brands and product lines to its portfolio, including Skippy peanut butter and Muscle Milk beverages — two interesting bolt-ons to what was more of a traditional animal-protein and prepared/refrigerated foods powerhouse. This year, Hormel Foods set its sights on a company more in line with its animal-protein roots, and announced the acquisition of Bridgewater, N.J., natural and organic meat trailblazer Applegate Farms in late May. The deal officially closed on July 13, 2015, and in many ways immediately opened new frontiers for both businesses.