August 17, 2017 08:38 AM
(ABC 6 News) -- Hormel Foods Corporation has announced it has purchased a Chicago area foodservice business.
Fontanini Italian Meats and Sausages was previously owned by Capitol Wholesale Meats, Inc. Fontanini specializes in authentic Italian meats and sausages, along with other select meat products such as pizza toppings and meatballs.
Jim Snee, president and chief executive officer with Hormel, says, “This is a strategic acquisition for our high-growth foodservice division." Snee continues, “The Fontanini brand is highly regarded, and the addition of these products to our portfolio will allow us to accelerate growth for both Hormel Foods foodservice and for Fontanini through expanded distribution and new customers.”
Hormel reports that Fontanini will continue operations in its Chicago location.
The transaction was structured as an asset sale with a purchase price of $425 million.
Updated: August 17, 2017 08:38 AM
Created: August 17, 2017 08:34 AM
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