The Hillshire Brands Co. has signed an agreement to acquire the maker of Golden Island gourmet jerky products, which allows the company to gain entry into a lucrative product category. Terms were not disclosed, and the transaction is expected to close by the end of September, 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 of The Hillshire Brands Co. “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.
“While we are excited about our future prospects in this category,” he added, “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, which already includes high-end brands like Aidells and Gallo. That group will be run by Sally Grimes who, in addition to serving as SVP and chief innovation officer, will assume the role of president of Hillshire Brands Gourmet Food Group.
Founded more than 50 years ago, Golden Island Jerky is made with all-natural ingredients—with no preservatives—and contains less sodium than most jerkies. Its cooking process produce a more tender jerky, according to Hillshire.
“Hillshire Brands is the perfect company to help take the Golden Island brand to new heights,” said Anna Kan, president of Golden Island. “I look forward to continuing to work with the great people at Hillshire Brands to maximize our potential.”
