Campbell Soup Will Be The New Owner Of Cape Cod Potato Chips

Campbell's is buying snack maker Snyder's-Lance. Image courtesy of Flickr user ezraw

"A lot of those companies don't have, or haven't taken advantage of, all of the nooks and crannies of the tax code", said Jason Pride, director of investment strategy at Glenmede.

The deal will give Campbell a group of brands including Snyder's of Hanover, Kettle Brand and Pop Secret.

Campbell Soup says the acquisition of Snyder's-Lance will accelerate its access to quickly growing avenues for distributing its goods, including convenience stores. The deal is expected to be completed in the first quarter of 2018.

"We think the Snyder's-Lance deal represents crystalline logic", ConsumerEdge Research analyst Jonathan Feeney said in a note. Goldman Sachs and Deutsche Bank worked with Snyder's-Lance.

Snyder's stock increased by 6.7 percent at Monday's premarket to $49.95 per share.

"Following a thorough review process of strategic options, we believe this transaction maximizes value for our shareholders through an immediate and certain cash premium".

"We know how to do this", she said of cost-cutting.

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Snyder's-Lance, based in Charlotte, North Carolina, makes pretzels and chips.

In 2012, Campbell acquired Bolthouse Farms for $1.55 billion.

In addition to snacks, Campbell's also wants to expand fresh foods unit, which accounts for 12% of sales.

Campbell Soup, based in New Jersey, already makes a number of well-known snacks, including Goldfish crackers and Milano cookies.

Campbell Soup has said it will finance the deal with $6.2 billion of debt.

The deal with the Pretzel owner is the soup company's biggest deal in its 148-year history.

Melding Campbell and Snyder's-Lance's roughly $2 billion USA snack portfolios will radically cut costs and add complementary salty snacks to round out Campbell's successful Pepperidge brand and Lance's position as a big national distributor of salty snacks, Feeney said. Driscoll, the former CEO of Diamond Foods and a member of Snyder's-Lance's board, was named his successor in June. But he cautions that the deal sets Hershey up for competition with PepsiCo Inc's Frito-Lay and Campbell's Pepperidge.

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