HoneyBaked Buys Hickory Ham
am Company of Georgia has acquired competitor Hickory Hams based here, in a move that will enable the company to build year-round sales, according to HoneyBaked officials.
HoneyBaked generates nearly 70% of its annual revenues between the period of Thanksgiving and New Year's Day, said company officials. With the purchase, HoneyBaked will be buying into Hickory's deli and dining concepts, as well as its franchise structure.
Until the sale, HoneyBaked operated 100 stores in 15 states. The acquisition will give the company a stronger presence in the Southeast, since Hickory operates 50 stores, including nearly two dozen in the metro Atlanta market, said officials.
According to published estimates, privately-held HoneyBaked had revenue of $102 million last year, and it is estimated that the deal will add about another $10 million next year. Additional profits will come from selling the HoneyBaked brands through Hickory's franchise units, which could "double or triple" store sales, said company officials. Hickory Hams shops will continue to operate under the same banner for the foreseeable future, they added.
Cargill, Plantation Sign Agreement
SPRINGDALE, Ark. -- The North American Turkey Operations division of Cargill based here has reached an agreement to purchase 100% of the stock of Waco, Texas-based Plantation Foods. Terms involving the turkey processing company were not disclosed. Plantation will continue to operate under its own name until it is merged into Cargill at a later date, pending the approval of federal regulators.
"This acquisition is a good fit for both companies, with Plantation's strength developing food-service business and Cargill's widespread penetration in the retail grocery stores," said John O'Carroll, president of Cargill's North American Turkey Operations.
Cargill, founded in 1967, markets its premium national turkey brand under the Honeysuckle White brand name.
