Financial details of the deal have not been divulged by both companies and the transaction is expected to be completed following regulatory approval and customary closing conditions
US-based contract manufacturer of snack food products Hearthside Foods has signed a definitive agreement to acquire Standard Functional Foods Group (SFFG).
Financial details of the deal have not been divulged by both companies and the transaction is expected to be completed following regulatory approval and customary closing conditions.
As a privately held business unit of Standard Candy Company, SFFG manufactures nutritional and functional bars.
Established as a regional confectioner in 1901, Standard Candy has expanded into functional bars in 1999 through SFFG, which currently serves as a contract manufacturer to many of the largest food companies and brands.
Hearthside chairman and CEO Rich Scalise said: “In addition to new network capacity, geographic reach and production capabilities, SFFG brings leadership in R&D with their ability to design, formulate and commercialise the increasingly complex nutrition and energy bars customers are demanding.”
As per the terms of the deal, Standard Candy will retain their famous Goo-Goo Clusters, which will continue its production in Nashville and sell its products at the Goo-Goo Shop retail store in downtown Nashville.
Hearthside Supply Chain senior vice-president Dwayne Hughes said: “SFFG is a high-quality organisation with an excellent quality and safety record.
“This will enable the Nashville operations to seamlessly and swiftly integrate into our world-class culture.”
Hearthside Foods anticipates that the acquisition will further strengthen its presence in the functional bar category and allow them to meet the growing demand for the product in the US market.
With this acquisition, Hearthside now has a network of 24 production facilities.
