Hormel Foods to Buy Swander Pace-backed Applegate for $775M
May 28, 2015
Hormel Foods (NYSE: HRL) has agreed to acquire Applegate, a natural and organic meat company backed by Swander Pace Capital, for $775 million. The deal is expected to close within 60 days. Founded in 1987, Applegate sells a variety of products including deli meats, hot dogs, bacon, sausages and pre-packed lunch kits. Swander Pace acquired a minority stake in the company six years ago. Applegate, which is expected to record sales of about $340 million in 2015, will operate autonomously as a standalone subsidiary in Hormel Foods' Refrigerated Foods segment.