Conagra Brands has recently expanded its meat snacks portfolio by acquiring Sweetwood Smoke & Co., a Colorado-based company known for producing meat sticks smoked with hickory wood under the Fatty brand. The range includes flavors such as pepperoni, teriyaki, and buffalo chicken. These meat sticks are made with grass-fed beef, antibiotic-free pork, and are free from gluten, sugars, nitrates, and MSG. They are currently available in US retailers and online at Amazon.
Conagra, a snacks, frozen foods, and alternative-protein supplier based in Chicago, already owns the Duke’s smoked meats brand. Sean Connolly, Conagra’s president and CEO, sees the acquisition of Fatty Smoked Meat Sticks as a strategic move to reshape their portfolio for faster growth. Wood, the CEO of Sweetwood Smoke, will continue to lead the company under Conagra.
“I’m looking forward to working with Conagra to make Fatty products available to more people with big appetites for meat sticks,” said Wood. The financial terms of the acquisition were not disclosed, but Conagra stated that it will not impact their financial guidance for the year.
Looking ahead to fiscal 2025, Conagra forecasts organic sales to be flat to down 1.5%. The adjusted operating margin for the new year is expected to be in the range of 15.6% to 15.8%, slightly below the 2024 result of 16%. This aligns with their strategic focus on the snacking and frozen categories.
By adding Fatty to their better-for-you snack portfolio, Conagra aims to capitalize on the growing demand for convenient, high-protein snacks made with quality ingredients. This acquisition reinforces their commitment to providing consumers with a variety of snack options in the food and beverage industry.
