Provena Foods Inc. (AMEX:PZA), a leading provider of pepperoni to pizza makers and packaged food manufacturers, has been acquired by Hormel Foods Corporation (NYSE:HRL).
"We are very excited about joining our company with such an established name in the food industry," said Provena Chairman and Chief Executive Officer Ted Arena. "The merger gives Hormel Foods a west-coast production capacity and represents significant value to the Provena shareholders."
Provena provides pepperoni and pasta to pizza makers and packaged food manufacturers. The company's Swiss American Sausage division makes pepperoni and Italian-style sausage for sale to pizza chains, food processors, and foodservice distributors. Its Royal-Angelus Macaroni unit is the oldest pasta maker in the US, tracing its origins back to 1887. It makes dry pasta products for food processors, private-label customers, specialty food distributors, and the foodservice industry. Provena Foods' products are sold throughout the US but primarily in the western states.
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring quality, value-added brands to the global marketplace. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products that are highly regarded for quality, taste, nutrition, convenience and value.
Hormel Foods was represented by the J.H. Chapman Group, L.L.C., a leading investment banking firm specializing in the food industry, with offices in Chicago and Paris. The firm offers a full range of financial advisory services to the food and chain restaurant industries in the United States and internationally.