On the Street -- Lance Purchasing Stella D'oro
September 22/Healthcare Mergers, Acquisitions & Ventures Week -- Lance Inc. entered into an agreement with Stella D'oro Biscuit Co. Inc. to purchase the Stella D'oro brand as well as certain manufacturing equipment and inventory. Lance will manufacture the Stella D'oro products in its Ashland, Ohio, bakery. The company plans to close on the purchase early in the fourth quarter. Terms of the purchase agreement were not disclosed.
Established in 1932, Stella D'oro is known in the specialty cookie segment with a rich heritage and strong brand equity. Stella D'oro products include shelf-stable cookies, breakfast treats, breadsticks and biscotti that are sold in grocery stores and mass merchants throughout the U.S., with a high concentration in the Northeast and Southeast regions of the country.
"We are excited about the opportunity to add the Stella D'oro brand to our growing portfolio of niche snack food brands. We believe that the additional resources that can be provided under the Lance umbrella will help this iconic brand achieve renewed growth," said David V. Singer, president and chief executive officer. "The Stella D'oro brand will make us a more valuable partner with our customers and leverage our existing capabilities to support our trend of profitable growth."
From the September 28, 2009, Prepared Foods E-dition