Hormel Acquires Planters Snack Nut Portfolio in $3.35 Billion Transaction

Hormel Foods Corp. acquired the Planters snack nut portfolio from the Kraft Heinz Co. in a multibillion dollar transaction that closed in June 2021. Faegre Drinker was sole outside legal counsel to Hormel, a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide, in all aspects of the acquisition. Included in the acquisition were the Planters, NUT-rition, Planters Cheez Balls and Corn Nuts brands that contributed to approximately $1 billion in net sales for the product portfolio in the 2020 calendar year, as well as dedicated production facilities in California, Virginia and Arkansas. Hormel expects the portfolio’s sales to grow at the company’s long-term organic growth target, and to aid in the realization of synergies of between $50 to $60 million by 2024.