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Conagra completes $87 million acquisition of Sandwich Bros. of Wisconsin

Tuesday, February 6, 2018   (0 Comments)
Business Journal

David Schuyler

 

 

Conagra Brands Inc. said Monday that it has completed its acquisition of the Sandwich Bros. of Wisconsin business from Milwaukee-based Kangaroo Brands Inc.

Chicago-based Conagra Brands Inc. (NYSE: CAG), the food giant behind brands such as Marie Callender's, Reddi-wip, Hunt’s, Slim Jim and Orville Redenbacher’s, paid $87 million in cash for Sandwich Bros., net of cash acquired and subject to working capital adjustments, according to Conagra's 10-Q report filed in January.

The Sandwich Bros. of Wisconsin business produces frozen breakfast and entree flatbread sandwiches and is owned by the Kashou family, which will continue to own Milwaukee pita products manufacturer Kangaroo Breads. The growing business had about $60 million in net sales in the 12 months ended November 2017, Conagra said.

Kangaroo Brands ranked as the 16th largest food and beverage manufacturer in the Milwaukee area, according to the Milwaukee Business Journal’s May 2017 list. The company, at 7620 N. 81st St., reported 172 employees.

Sandwich Bros.-brand flatbread pocket sandwiches use protein products such as 100 percent Angus beef, chicken raised without antibiotics, all natural sausage and real Wisconsin cheese. Sean Connolly, president and CEO of Conagra Brands, said when the company announced the deal in December that Sandwich Bros. will add to Conagra's frozen handheld category and offers opportunities to extend its capabilities into other Conagra brands.

Conagra said Sandwich Bros. will continue to produce its products in Milwaukee.


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