Kraft Heinz acquires US condiments brand for 200 million dollars | Progresiv

Kraft Heinz has entered into an agreement to acquire US condiments and sauces brand Primal Kitchen for approximately 200 million dollars.

Founded by Mark Sisson and Morgan Buehler, the brand also sells protein bars, avocado oil and paleo snack bars. It is expected to generate approximately 50 million dollars in net sales this year.

Primal Kitchen will join Kraft Heinz under Springboard, the company’s platform created to partner with founders and brands that are seeking to disrupt the food industry.

Primal Kitchen will leverage Kraft Heinz’s assets and infrastructure, while still operating as an autonomous company. The brand’s headquarters will remain in Oxnard, California, and it will still be led by its current leadership team.

Paulo Basilio, US zone president for Kraft Heinz, said: “The proposed partnership with Primal Kitchen is consistent with Kraft Heinz’s vision to be the best food company, growing a better world. The Primal Kitchen team has built an amazing portfolio of the world’s best-tasting, health-enhancing, real-food pantry staples.

Kraft Heinz said it expects the transaction to be closed in early 2019. (www.foodbev.com)