Hormel to acquire Fontanini in a deal worth $425 million
“This is a strategic acquisition for our high-growth foodservice division. We have delivered a strong track record of success in the foodservice industry with a growing portfolio of customers in the lodging, restaurant, healthcare and college and university sectors,” said Jim Snee, president and chief executive officer at Hormel Foods.
Mr. Snee added that this acquisition will allow Hormel Foods to enlarge the company's foodservice through Fontanini's distribution and new customers.
“This acquisition will allow Fontanini to strengthen under the Hormel Foods umbrella given its leadership in retail combined with our shared leadership in foodservice. Through this business, the Fontanini family has left its mark on the world. Partnering with Hormel Foods will allow us to expand that mark. I couldn’t be prouder of all that we have accomplished and I look forward to seeing where we go next,” said Gene Fontanini, chief executive officer of Capitol Wholesale Meats.
Fontanini is based in the Chicago metropolitan area and specializes in authentic Italian meats and sausages, as well as a variety of other premium meat products including pizza toppings and meatballs.
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