Snyder's-Lance Inc. (Charlotte, N.C.) has entered into a definitive agreement to acquire Snack Factory LLC (Princeton, N.J.), the maker of Pretzel Crisps, for $340 million in cash. This includes approximately $60 million of net present value of future tax benefits. The acquisition is expected to add approximately $160 million to estimated 2013 net revenue and to provide entry into the deli-bakery section of grocery stores. Snack Factory was founded in 2004 by Sara and Warren Wilson, who pioneered the first flat pretzel-shaped cracker under the Pretzel Crisps brand. Snyder's-Lance, which makes pretzels, cookies, tortilla chips, nuts and other snacks, was formed in December 2010 as a result of the merger of Lance Inc. and Snyder's of Hanover Inc. Net revenues for the year ended December 31, 2011, were $1.64 billion. Snack Factory is a portfolio company of private equity firm VMG Partners.
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