Chicago-based Conagra Brands, Inc., intends to acquire protein-based snacking businesses Thanasi Foods LLC and Bigs LLC.

What is Thanasi Foods?
Thanasi Foods LLC is a leading maker of premium meat snacks, including Duke's Smoked Shorty Sausages and Duke's Brisket & Steak Strips. The family-operated business is committed to producing its products in small batches with real, whole ingredients, fresh never-frozen pork and chicken, 100% grass-fed beef, and authentic hardwood smoke pairings. 

What is Bigs?
Bigs produces a line of premium, USA-grown seed snacks, including jumbo, fire-roasted in-shell sunflower seeds, sunflower seed kernels, and homestyle-roasted pumpkin seeds. The company is based in Boulder, Colorado.

When will the deal close? What are the financial terms?
The transaction is subject to customary closing conditions, including the receipt of regulatory approval, and is expected to close summer 2017. Financial terms were not disclosed.

Why did Conagra move to acquire the businesses?
"This is another exciting step in our ongoing efforts to reshape our portfolio to be more premium and modern," said Sean Connolly, president and chief executive officer of Conagra Brands. "These on-trend brands extend our meat snacks and seeds businesses into faster-growing, more premium segments. We are looking forward to working with the Thanasi team to grow the brands further and create value for our shareholders."

Conagra Brands currently manages the Slim Jim meat stick brand and the DAVID Seeds brand.

Why did Duke's want to be acquired?
"This is an incredibly exciting time for our brands and our team, and we are looking forward to working with the Conagra Brands team on the next chapter in our journey to take Duke's and BIGS to another level," said Justin "Duke" Havlick, Duke's and BIGS founder and chief executive officer. "The Conagra Brands team values our brand beliefs and is committed to continuing to use quality ingredients and the craft methods that deliver the creativity and flavor our consumers and fans love today." 

Following the completion of the transaction, the Duke's and BIGS brands will continue operating out of Boulder, Colorado.

Who are the advisers for the deal?
Houlihan Lokey served as financial advisor and Brownstein Hyatt Farber Schreck, LLP served as legal counsel to Thanasi Foods LLC and BIGS LLC. Jones Day served as legal counsel to Conagra Brands, Inc. 

Source: Conagra Brands