News & Knowledge
Troutman Sanders Guides Snyder’s-Lance in Major Snack Food Merger
Troutman Sanders represented Snyder’s-Lance, Inc. in its recently completed $1.9 billion merger with Diamond Foods, Inc. In connection with the merger, Snyder’s-Lance also entered into a $1.13 billion credit facility led by Bank of America, amended its existing credit facility and repaid its existing private placement notes.
The Diamond acquisition is a transformational deal for Snyder’s-Lance, the Charlotte-based snack food manufacturer best known for its Snyder’s of Hanover pretzels, Cape Cod potato chips, Lance sandwich crackers and Snack Factory Pretzel Crisps. Diamond, who sells its snacks and culinary nuts under the Diamond of California, Emerald, Kettle Chips, Kettle Brand and Pop Secret brands, will expand the reach of Snyder’s-Lance by bringing a stronger west coast presence, as well as an international footprint through its operations in the United Kingdom. Acquiring Diamond allows Snyder’s-Lance to expand its offerings of healthier snacks and represents another step in the company’s stated plans to increase its presence in the “better-for-you” space.
”A transaction of this magnitude has a number of moving pieces. We were fortunate at Troutman Sanders to have a deep, experienced team working diligently alongside our partners at Snyder’s-Lance to bring this acquisition to a successful closing,” said Alec Watson, partner, Troutman Sanders.
The Troutman Sanders team was lead by Alec Watson, along with David Ghegan, Shona Smith, Chris Hartsfield and Dan Howell from the Corporate practice. Hazen Dempster led Troutman Sanders’ Finance team. Other members of the Troutman Sanders team included Jeff Banish and Greg Matisoff in the Benefits practice, Robert Friedman and Adam Kobos in the Tax practice, Kiran Mehta in the Litigation practice, Jim Schutz and Rusty Close in the Intellectual Property practice, Andrea Rimer in the Environmental practice, Stephanie Greer-Fulcher in the Real Estate practice, and Mike Kaufman and Wendy Sugg in the Labor practice.
About Troutman Sanders:
Troutman Sanders LLP is an international law firm with more than 650 lawyers in 16 offices located throughout North America and Asia. Founded in 1897, the firm’s lawyers provide counsel and advice in practically every aspect of civil and commercial law related to the firm’s core practice areas: Corporate, Energy and Industry Regulation, Finance, Litigation and Real Estate. Firm clients range from multinational corporations to individual entrepreneurs, federal and state agencies to foreign governments, and non-profit organizations to businesses representing virtually every sector and industry. See troutmansanders.com for more information.