Private label salty snack manufacturer Shearer’s Foods has acquired the assets of the Medallion Foods business from ConAgra Foods for $33.5 million.
Newport, AK-based Medallion manufactures value brand and private label corn-based snack products, including tortilla chips, corn chips and extruded corn products.
ConAgra acquired the unit as part of its purchase of Ralcorp last year and cited difficulties integrating the units into the rest of the company thereafter.
“Although ConAgra Foods believes strongly in the salty snacks category, the Medallion Foods business is not large enough within ConAgra Foods to command the resources it needs to grow—particularly in light of the current focus on the broader Ralcorp integration,” ConAgra said. “As a result, ConAgra Foods believes the Medallion Foods business will have more value under a more focused owner.”
Shearer’s Foods is owned by Toronto-based private equity investor Wind Point Partners.