After buying Diamond Foods earlier this year, Charlotte-based snack maker Snyder’s-Lance is selling the California company’s nut business to a private equity firm called Blue Road Capital. The deal is expected to close by the end of this year.
The deal will allow Snyder’s-Lance to focus its resources on growing its “core brands,” the company said in a statement Monday afternoon.
Specific terms of the deal were not disclosed.
Snyder’s, known for Hanover’s pretzels and Lance peanut butter sandwich crackers, has said the addition of Diamond to its portfolio is meant to expand its selection of “better-for-you” offerings. Diamond’s brands include Kettle Brand chips and Pop Secret popcorn.
“Diamond of California is a leader in culinary nuts with a bright future, and should benefit from Blue Road Capital’s expertise, strategic assets and prior investments in the category. This is truly a beneficial transaction for both parties and will be a positive for our employees in Stockton, Calif.,” Snyder’s-Lance CEO Carl Lee said in the statement.
Snyder’s-Lance is planning to invest $38 million to expand its Charlotte facilities, where it will add 130 new jobs over the next five years, the Observer reported last week. City Council approved about $631,000 worth of incentives Monday night.