CHICAGO — The Hillshire Brands Company has signed an agreement to acquire the maker of Golden Island jerky products.
Terms were not disclosed, and the transaction is expected to close by the end of the month, pending closing conditions.
“We are excited to add Golden Island to our strong portfolio of brands, as it provides an entry point into the attractive dried meat snacks category,” said Sean Connolly, president and CEO, the Hillshire Brands Company. “This highly appealing category generates retail sales of more than $2 billion annually and has had 10 percent volume growth over the past two years.”
The acquisition is not expected to have a material impact on the company's earnings this fiscal year.
Golden Island will become part of Hillshire Brands’ Gourmet Food Group, pairing with high-end brands like Aidells and Gallo. That group will be run by Sally Grimes, who, in addition to serving as SVP and chief innovation officer, will assume the role of president, Hillshire Brands Gourmet Food Group.
“Hillshire Brands is the perfect company to help take the Golden Island brand to new heights,” said Anna Kan, president, Golden Island. “I look forward to continuing to work with the great people at Hillshire Brands to maximize our potential.”
The Hillshire Brands Company generated approximately $4 billion in annual sales in fiscal 2013. Its brands portfolio includes brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies.