USA: McCormick announces completion of One World Foods acquisition
McCormick, the US spices and seasonings specialist, has announced that it has completed the purchase of 100% of the shares of One World Foods, which sells the Stubb's barbecue sauce range.
According to McCormick, Stubb's is the leading premium barbecue sauce brand in the US, while the product portfolio also includes marinades, rubs and cooking sauces. Annual sales of the business are projected to be $30 million in 2015 and are expected to grow at a double-digit rate annually for the next several years.
McCormick added that the Stubb's product range would complement McCormick's line of grilling items with the addition of authentic, craft barbecue sauces. McCormick plans to drive sales of the Stubb's brand through expanded distribution, increased household penetration and innovative flavors, the company said.
McCormick is acquiring One World Foods for a cash payment of approximately $100 million, subject to certain closing adjustments.