The Hillshire Brands Co. announced it has signed an agreement to acquire the maker of Golden Island jerky products, a leader in the gourmet jerky category. Terms were not disclosed, and the transaction is expected to close by the end of September 2013, pending closing conditions.
"We are excited to add Golden Island to our strong portfolio of brands, as it provides an entry point into the attractive dried meat snacks category," said Sean Connolly, president and CEO, The Hillshire Brands Company. "This highly appealing category generates retail sales of more than $2 billion annually and has had 10 percent volume growth over the past two years."
Connolly added, "While we are excited about our future prospects in this category, this is a small acquisition for us and is not expected to have a material impact on our earnings this fiscal year."
Golden Island will become part of Hillshire Brands' Gourmet Food Group, pairing with high-end brands like Aidells and Gallo. That group will be run by Sally Grimes, who, in addition to serving as senior vice president and chief innovation officer, will assume the role of president, Hillshire Brands Gourmet Food Group.
Founded more than 50 years ago, the company's Golden Island Jerky brand uses all natural ingredients with no preservatives and less sodium than most jerkies. Its innovative cooking processes produce tender and delicious products that differentiate it from traditional jerkies.
"Hillshire Brands is the perfect company to help take the Golden Island brand to new heights," said Anna Kan, president, Golden Island. "I look forward to continuing to work with the great people at Hillshire Brands to maximize our potential."
Souce: Hillshire Brands Co.