Conagra Brands, Inc. announced Dec. 21 that it has entered into a definitive agreement to acquire the Sandwich Bros. of Wisconsin business, which produces frozen breakfast and entrée flatbread sandwiches. The transaction is expected to close in early 2018, subject to customary closing conditions, including the receipt of regulatory approvals.
"Adding the Sandwich Bros. business to our portfolio is another step in Conagra Brands' ongoing work to accelerate growth," said Sean Connolly, president and chief executive officer of Conagra Brands. "This acquisition will bring Conagra unique capabilities and expertise within the frozen handheld category, which we look forward to leveraging for further growth and extension into additional Conagra brands."
Sandwich Bros. flatbread pocket sandwiches offer consumers on-the-go convenience and are filled with proteins such as 100% Angus beef, chicken raised without antibiotics, all natural sausage and real Wisconsincheese. The family-owned business has seen rapid growth with approximately $60 million in net sales for the twelve months ending November 2017.
"We are extremely proud of what our team has accomplished in a few short years, and look forward to helping Conagra accelerate the growth of Sandwich Bros. products," said Salem Kashou, President of the Sandwich Bros. business and second-generation family member.
"We are very pleased with Conagra's shared enthusiasm of Sandwich Bros. and know they have the resources and expertise to continue our legacy. Our incredible growth over the past five years is attributed to the contributions from our loyal employees, business partners and consumers. For that, my brother John and I express our sincerest gratitude," added George Kashou, founder and co-owner of the business.
McGrath North served as legal counsel to Conagra Brands. Quarles & Brady served as legal counsel and Chapman Partners, LLC served as financial advisor to Sandwich Bros.