M&A Deal Summary

Hormel Foods Acquires Applegate Farms

On July 13, 2015, Hormel Foods acquired food company Applegate Farms from Swander Pace Capital for 775M USD

Acquisition Highlights
  • This is Hormel Foods’ 10th transaction in the Food sector.
  • This is Hormel Foods’ 2nd largest (disclosed) transaction.
  • This is Hormel Foods’ 10th transaction in the United States.
  • This is Hormel Foods’ 2nd transaction in New Jersey.

M&A Deal Summary
Date 2015-07-13
Target Applegate Farms
Sector Food
Buyer(s) Hormel Foods
Sellers(s) Swander Pace Capital
Deal Type Add-on Acquisition
Deal Value 775M USD
Advisor(s) Goldman Sachs (Financial)
Ballard Spahr
Fried Frank Harris Shriver & Jacobson (Legal)

Target

Applegate Farms

Bridgewater, New Jersey, United States
Applegate Farms LLC is a provider of high-quality natural and organic hot dogs, bacon, sausages, deli meats, cheese and frozen products.

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Buyer(S) 1

Buyer

Hormel Foods

Austin, Minnesota, United States
Category Company
Founded 1891
Sector Food
Employees20,000
Revenue 12.1B USD (2023)
DESCRIPTION
Entrance to Hormel Foods' corporate headquarters in Austin, Minnesota.
Entrance to Hormel Foods' corporate headquarters in Austin, Minnesota.

Hormel Foods is a multinational manufacturer and marketer of consumer-branded food and meat products. Hormel Foods was formed in 1891 and is based in Austin, Minnesota.

DEAL STATS #
Overall 10 of 17
Sector (Food) 10 of 17
Type (Add-on Acquisition) 5 of 9
State (New Jersey) 2 of 2
Country (United States) 10 of 15
Year (2015) 1 of 1
Size (of disclosed) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-30 CytoSport

Benicia, California, United States

CytoSport, Inc. is a manufacturer of muscle milk products and developer and marketer of premium sports nutrition products.

Buy $450M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-26 Diamond Crystal Brands

Savannah, Georgia, United States

Diamond Crystal Brands is a manufacturer and distributor of customized foodservice solutions, including sauces,dressings, condiments, drink mixes, salt, pepper, sweeteners and other food and beverage products. DCB has a diverse customer base of blue chip foodservice distributors, national restaurant chains and convenience stores.

Sell -

Seller(S) 1

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.

DEAL STATS #
Overall 26 of 42
Sector (Food) 14 of 22
Type (Add-on Acquisition) 14 of 25
State (New Jersey) 1 of 2
Country (United States) 24 of 35
Year (2015) 2 of 5
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-11 Bravo Sports

Santa Fe Springs, California, United States

Bravo Sports is a manufacturer of sporting goods and outdoor categories. Bravo provides branded consumer products such as scooters, skateboards, skates, and canopies to a blue-chip customer base across the mass merchants, sporting goods and big-box retailers. Bravo Sports was founded in 1965 and is based in Santa Fe Springs, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-22 Merrick Pet Care

Amarillo, Texas, United States

Merrick Pet Care, Inc. is a fully integrated manufacturer and marketer of super premium dry and wet pet foods and treats, under the Merrick and Castor & Pollux brands.

Sell -
Mergr

Product

Company

Legal