Last updated on December 15th, 2016 at 04:22 pm
Snyder’s-Lance Inc. plans to sell its Diamond of California culinary nut business to Blue Road Capital.
“This strategic transaction will allow us to concentrate on our core business of providing our consumers and retail partners with our premium portfolio of snack brands focused on better ingredients, quality and taste,” said Carl E. Lee Jr., president and CEO at Snyder’s-Lance. “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, California.”
Snyder’s-Lance entered the culinary nuts business as a result of the company’s acquisition of Diamond Foods Inc. in February. The Diamond of California nut business is operated from the company’s Stockton facility, and net revenue in the third quarter of 2016 was $42.9 million.
