Dips, ice cream in M&A news
PepsiCo, Inc. and Israel's Strauss Group -- the companies behind Sabra refrigerated hummus and dips -- have agreed to take their popular partnership on the road. Officials said the two sides formed a joint partnership to produce and sell fresh dips and spreads in key markets outside North America.
The two companies joined forces in 2007 to invest in Sabra Dipping Co., which is now based in White Plains, N.Y. Sabra reportedly is the nation's leading brand of hummus and the leader in the chilled dips and spreads category. Officials say PepsiCo and Strauss now plan to leverage their existing infrastructures and invest in manufacturing plants, technologies and employees to set up local operations on a country or regional level. Each partner will own 50 percent of the new entity. Financial terms were not disclosed.
SheerBliss ice cream owner Ben Stanley Holdings, Sunrise, Fla., said it purchased Choctal Inc., the five-year-old Pasadena, Calif., maker of super premium Choctal "Single Origin" chocolate and vanilla ice creams. Terms were not disclosed. Officials said Choctal founder Marc S. Boatwright will continue with the brand, while Gary A. Barron, president of Ben Stanley Holdings, will assume the role of president and chief executive officer.