The Good Bean, a California, US based maker of organic chickpea snacks, has acquired rival snack firm Beanitos, according to a report in NOSH.com
The terms of the deal, which were not wholly disclosed, will reportly seen Good Bean take over Beanitos assets, including its products, recipes, branding and retailer relationships, without assuming any responsibility for the company’s debt. Beanitos’ existing investors are also reported to have injected more capital into the combined business.
Beanitos currently markets 16 varieties of bean-based chips and puffs, available in 15,000 stores including Walmart, HEB, Kroger, Whole Foods Market and Publix, while The Good Bean, has a 10-strong product lineup and is sold in roughly 10,000 stores, including Walmart, Kroger, Rite Aid, 7-11 and Costco.
The combined revenue of both companies is said to be between $30 and $40 million.