Stamford, Connecticut- August 20th, 2015. American Halal Company, Inc. announced today that it had wholly acquired the Mediterranean Snack Foods Company, LLC. (“Mediterranean Snacks®”). American Halal also wholly owns Saffron Road, a leading Natural Frozen Entrée brand as well as a premier innovator of shelf stable natural products, such as Non-GMO Project Verified Simmer Sauces, Organic Chickpea Snacks, and Antibiotic Free Halal Broths.
Mediterranean Snacks is one of the leading lentil snack brands in the U.S. and offers a selection of over 50 Natural lentil/legume based chips, crackers, and veggie snacks. Mediterranean Snacks was founded in 2005 by Vincent James and is a pioneer in the nutritious plant-based snacks category, with innovative products like Baked Lentil Chips®, Lentil Crackers, Hummuz™ Crackers, and its recently launched BeanStalks™ Snacks. Mediterranean Snacks products are widely distributed in 20,000 stores across multiple grocery, specialty, convenience, club, and mass channels in U.S. and Canada. Many of their products are Non-GMO Project Verified and have enjoyed recognition from industry leaders and media superstars- including Dr. Oz, Shape Magazine, The Gourmet Retailer, and Progressive Grocer.
With its distinctive product offerings, Mediterranean Snacks offers compelling opportunities to extend its line under a Saffron Road brand portfolio. Adnan Durrani, CEO of American Halal Company, Inc., commented by stating, “We are quite excited about our acquisition today of Mediterranean Snacks. While we get offered many opportunities for potential buyouts every year, this is not only American Halal’s first and only one, but one of the few that we feel is a perfect tuck in acquisition for the Saffron Road portfolio. Mediterranean Snacks and Saffron Road are very complementary as well as synergistic given both our consumers and demographics sweet spots are at the center of the massive U.S. trends for healthy snacking of foods that are Gluten-Free, Non-GMO Project Verified, high in protein and fiber, clean labeled, and calorically smart. Moreover, Vincent’s excellent Nabisco and Kraft pedigree significantly enhances the leadership of our snack production and product development teams. This acquisition now catapults American Halal’s footing onto a heightened platform in plant-based protein snacking- an area we have seen some excellent recent success in with our Chickpea Snacks line and which we now intend to establish a beachhead in as well as to devote serious resources behind. This will allow us to build on Saffron Road’s brand leadership in natural frozen entrees by scaling our marketing and sales team to lead a dynamic and highly innovative ambient snack category. We expect this acquisition to be accretive to our margins in 2016 and beyond. This tuck in rollup is the next chapter in American Halal’s tremendous growth which we intend to successfully leverage into Saffron Road’s stellar brand value and success at multiple levels of in store placement, distribution channels, trade. We are now well on our way in establishing Saffron Road as a national platform brand in the $60 billion natural, and alternative snack food sectors.“
Vincent James, CEO of Mediterranean Snack Foods Company, who will now be Senior Vice President and General Manager of Saffron Road’s Snack Division, commented by saying, “we are excited to be part of the American Halal Company/Saffron Road Team and this acquisition leverages the Mediterranean Snacks brand to the next level in plant-based protein snack foods.”
Silverwood Partners acted as investment bankers and The Giannuzzi Group, LLP were the lawyers for Mediterranean Snack Foods Company, LLC. Golenbock, Eiseman, Assor, Bell & Peskoe, LLP acted as legal advisors to American Halal Company, Inc.
SOURCE: Saffron Road