Shearer’s Foods, a private label salty snack manufacturer owned by Toronto-based private equity firm Wind Point Partners, has acquired the assets of the Medallion Foods business from ConAgra Foods,Inc. for $33.5 million.
Newport, Ark.-based Medallion manufactures value brand and private label corn-based snack products, including tortilla chips, corn chips and extruded corn products.
“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.”
ConAgra acquired Medallion Foods as part of its purchase of Ralcorp Holdings Inc. in early 2013. Ralcorp had bought Medallion Foods for $101.8 million in June 2005.