Conagra Inks Pact for Sandwich Bros. of Wisconsin
CHICAGO — Conagra Brands Inc. will acquire the Sandwich Bros. of Wisconsin, a Milwaukee-based business that produces frozen breakfast and entrée flatbread sandwiches. The deal, which is subject to customary closing conditions, including the receipt of regulatory approvals, is expected to close in early 2018.
"Adding the Sandwich Bros. business to our portfolio is another step in Conagra Brands' ongoing work to accelerate growth," said Sean Connolly, president and CEO of Conagra Brands. "This acquisition will bring Conagra unique capabilities and expertise within the frozen handheld category, which we look forward to leveraging for further growth and extension into additional Conagra brands."
Sandwich Bros. flatbread pocket sandwiches offer consumers on-the-go convenience. They are filled with proteins such as 100-percent Angus beef, chicken raised without antibiotics, all natural sausage and real Wisconsin cheese. Sandwich Bros. has seen rapid growth with approximately $60 million in net sales for the twelve months ending November 2017, according to the company.
"We are extremely proud of what our team has accomplished in a few short years, and look forward to helping Conagra accelerate the growth of Sandwich Bros. products," said Sandwich Bros. President and second-generation family member Salem Kashou.
McGrath North served as legal counsel to Conagra Brands while Quarles & Brady served as legal counsel and Chapman Partners LLC served as financial advisor to Sandwich Bros.
"We are very pleased with Conagra's shared enthusiasm of Sandwich Bros. and know they have the resources and expertise to continue our legacy. Our incredible growth over the past five years is attributed to the contributions from our loyal employees, business partners and consumers. For that, my brother John and I express our sincerest gratitude," said George Kashou, founder and co-owner of the business.
Headquartered in Chicago, Conagra Brands is one of North America's leading branded food companies.