Snyder's Lance Hires Advisor Amid Speculation About Sale
Charlotte-based snack-maker Snyder's Lance may be for sale, after it reportedly was approached by a potential buyer. CNBC reported Thursday that the company has hired an investment bank to study a possible sale.
Sources told CNBC the move comes after Snyder's-Lance was approached by food giant Campbell Soup. The report says the company is talking to Campbell and at least one other possible buyer.
Shares of Snyder's Lance were up more than 5 percent Friday morning after the news.
There's no guarantee of a deal, and neither Snyder's nor Campbell has commented.
Snyder's Lance was created by the 2010 merger of Snyder's of Hanover and Charlotte-based Lance Inc., and in recent year's has grown through acquisitions and expansions. The company went through a leadership change in April, when Brian Driscoll replaced Carl Lee as CEO. Driscoll had been the former CEO of Diamond Foods, which the company acquired in 2016.
In August, Driscoll told analysts he wasn't satisfied with the company's financial performance, and outlined a plan to increase profitability by 2020.