Snyder's-Lance invests in Natural Food Works
Stake seen as strategic move to increase its better-for-you snacks portfolio, increase sales to 40 percent in two years.
Charlotte, N.C.-based Snyder's-Lance, Inc. has invested in Natural Foodworks Group, LLC, (NFG), an experienced food manufacturer specializing in natural and organic products. NFG provides contract manufacturing services to entrepreneurs as they commercialize and scale their natural and organic brands to a larger audience of consumers.
The investment ties in with “Snyder's-Lance's mission to expand better-for-you options focused on ingredients, quality and taste,” the company says. At a CAGNY presentation in New York City on Monday, Carl Lee, Snyder's-Lance president and ceo, indicated that the company’s goal is to increase sales of better-for-you snacks from 33 to 40 percent in two years.
"We are thrilled to partner with the team at Natural Food Works, a leader in manufacturing innovative and delicious natural foods and snacks," Lee says. "We look forward to leveraging their expertise and innovative production capabilities to bring some exciting new items to market."
Robb Caseria, ceo of Natural Food Works, echoed Lee's comments, adding, "This investment by Snyder's-Lance brings us a great new partner to continue our mission of producing great-tasting, natural foods and snacks that today's consumers desire. Our know-how combined with Snyder's-Lance's established national distribution network allows us to get these better-for-you snacks to a wider range of customers interested in health-conscious snacking. The real prospects of large additional revenue streams across several snack categories is what makes this opportunity with Snyder's-Lance compelling for NFG."
Snyder's-Lance, Inc., 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. Its 2016 revenues topped $2.1 billion.
Denver-based NFG, which was founded in 2013, specializes in baked and extruded snacks, granola, salsa, sauces, snack bars, mixes, popcorn, and high-pressure processing. It has two manufacturing facilities in Denver and one in Louisville, Ken.