CHARLOTTE, N.C., Sept. 1, 2016 /PRNewswire/ -- Snyder's-Lance, Inc. (Nasdaq-GS: LNCE) today announced that the Company's Kettle Foods subsidiary completed the acquisition of Metcalfe's skinny Limited ("Metcalfe"), by acquiring the remaining 74% interest in the leading UK premium popcorn brand. Kettle Foods had initially acquired a 26% stake in the business from Metcalfe in January 2016. Metcalfe was founded in 2009 by Julian Metcalfe, the co-founder of Pret A Manger and founder of itsu.
Metcalfe's skinny is the UK's leading premium popcorn brand, and also incorporates a fast growing range of corn and rice cake products. The UK popcorn market is one of the fastest growing categories within the UK snack food industry, growing by 45% over the last two years1 as consumers increasingly seek out better-for-you snacking options. The addition of a leading premium popcorn brand, Metcalfe's skinny popcorn®, to the UK's leading premium chip brand, KETTLE® Chips, reflects Kettle Foods' ambition to evolve into a more widely based premium snacking leader in Europe.
Carl E. Lee, Jr., President and Chief Executive Officer of Snyder's-Lance commented, "We are excited to add the Metcalfe's skinny brands to our portfolio and expand our presence in the UK marketplace. We see tremendous growth in the UK with additional opportunities for further international expansion for our innovative collection of snacking brands. This addition to our branded portfolio provides us with another better-for-you option in a growth snacking category in the European markets, and we look forward to supporting the continued success of the Metcalfe's skinny brands."
Ashley Hicks, Managing Director of Kettle Foods commented, "Metcalfe's skinny popcorn® is an incredibly innovative premium brand that has built a strong foundation in the UK market. We now have the opportunity to extend the brand's success story with further innovation and brand development, and as a result, drive even stronger growth in this exciting category."
Julian Metcalfe and Robert Jakobi, previous co–owners of Metcalfe commented, "We are delighted about the opportunity for the Metcalfe's skinny brand to expand with the support and expertise of the Kettle Foods and Snyder's-Lance organization. This is a unique opportunity to bring our snacking talents together under one roof to truly give Metcalfe's skinny the international opportunity it deserves. This is a positive step on many levels that we know will not only showcase the brand's potential, but will benefit our customers in the long term as well."
1 Source: Nielsen total Crisps & Snacks, value sales MAT to 7/16/16
About Snyder's-Lance, Inc.
Snyder's-Lance, Inc., headquartered in Charlotte, NC, manufactures and markets snack foods throughout the United States and internationally. Snyder's-Lance's products include pretzels, sandwich crackers, pretzel crackers, potato chips, cookies, tortilla chips, restaurant style crackers, popcorn, nuts and other snacks. Products are sold under the Snyder's of Hanover®, Lance®, Kettle Brand®, KETTLE® Chips, Cape Cod®, Snack Factory® Pretzel Crisps®, Pop Secret®, Emerald®, Diamond of California®, Late July®, Krunchers!®, Tom's®, Archway®, Jays®, Stella D'oro®, Eatsmart Snacks™, O-Ke-Doke®, and other brand names along with a number of third party brands. Products are distributed nationally through grocery and mass merchandisers, convenience stores, club stores, food service outlets and other channels. For more information, visit the Company's corporate website: www.snyderslance.com. LNCE-E
About Metcalfe's skinny Limited
Metcalfe's skinny is on a mission to create a range of delicious and better-for-you snacks made with top quality ingredients, limitless love and care.
As the co-Founder of Pret A Manger and itsu, Julian Metcalfe is obsessed with delicious and healthy food. Back in 2009 he was fed up of stodgy snacks and wanted to create something that was lighter yet still tasty to replace unhealthier snacks. Metcalfe's skinny was born and is now one of the most loved popcorn brands in the UK. The full range comprises Metcalfe's skinny Popcorn, Metcalfe's skinny Popcorn Crisps, Metcalfe's skinny Popcorn Thins and Metcalfe's skinny Ricecakes.
Cautionary Information about Forward Looking Statements
This press release contains statements which may be forward looking within the meaning of applicable securities laws. The statements include projections regarding future revenues, earnings and other results which are based upon the Company's current expectations and assumptions, which are subject to a number of risks and uncertainties. Factors that could cause actual results to differ include general economic conditions or an economic turndown; volatility in the price, quality or availability of inputs, including walnuts and other raw materials, packaging, energy and labor; price competition and industry consolidation; changes in our top retail customer relationships; inability to maintain profitability in the face of a consolidating retail environment; failure to successfully integrate acquisitions or execute divestitures; loss of key personnel; failure to execute and accomplish our strategy; concerns with the safety and quality of certain food products or ingredients; adulterated, misbranded or mislabeled products or product recalls; disruption of our supply chain; failure to maintain satisfactory labor relations; risks related to our foreign operations, including foreign currency risks; inadequacies in, or security breaches of, our information technology systems; improper use of social media; changes in consumer preferences and tastes or inability to innovate or market our products effectively; reliance on distribution through a significant number of independent business owners; protection of our trademarks and other intellectual property rights; impairment in the carrying value of goodwill or other intangible assets; new regulations or legislation; interest rate volatility, political and economic conditions of the countries in which we conduct business, and the interests of a few individuals who control a significant portion of our outstanding shares of common stock may conflict with those of other stockholders, which have been discussed in greater detail in our most recent Form 10-K and other reports filed with the Securities and Exchange Commission.