Hormel Foods Announces Closing of Acquisition of Sadler’s Smokehouse
Hormel Foods Corporation (NYSE: HRL) announced the closing of its acquisition of Texas-based Sadler’s Smokehouse, a maker of premium and authentic pit-smoked meats for retail and foodservice customers.
Sadler’s Smokehouse will continue operations from the Henderson, Texas, facility and will report into the Refrigerated Foods segment of Hormel Foods. Hormel Foods expects this acquisition to be neutral to slightly negative to fiscal 2020 earnings, as the company plans to make immediate investments into the business and production facility.
Hormel Foods was legally advised by Faegre Drinker Biddle & Reath LLP. Hormel Foods did not engage a financial advisor.
Sadler’s Smokehouse was legally advised by Beard and Harris and financially advised by UBS Investment Bank.
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