Snyder's-Lance Inc., seeking to pay down some debt incurred in its acquisition of Diamond Foods, agreed to sell the Diamond of California culinary nut business to private equity firm Blue Road Capital. Price was not disclosed.
Diamond of California was acquired this past February as part of Snyder's $1.91 billion purchase of Diamond Foods. The other Diamond Foods brands -- Kettle Brand chips, Pop Secret popcorn and Emerald snack nuts -- more closely align with Snyder's-Lance's strategy on snack foods.
"This strategic transaction will allow us to concentrate on our core business of providing our consumers and retail partners with our premium portfolio of snack brands focused on better ingredients, quality and taste," said Carl Lee, Jr., Snyder's-Lance's president/CEO.
The Diamond of California nut business is operated out of Stockton, Calif., and had third quarter revenue of $42.9 million.
