Lakeside Foods, a US-based manufacturer of frozen and canned food, is set to takeover the business assets of Smith Frozen Foods.
The financial terms of the transaction were not disclosed.
The acquisition, expected to be finalised by early next week, will include Smith Frozen Foods’ production facility in Weston in Oregon. It also covers the Garrett Packing/Brittany Farms operations in Milton-Freewater in the same state.
In a statement, Lakeside Foods said the deal grows its share of the frozen-vegetable market and allows it to expand its product range.
Smith Frozen Foods' operations include “significant” frozen storage capacity and new production capabilities for Lakeside Foods.
The company cultivates peas, onions, carrots, corn, and lima beans in partnership with family farmers across western Oregon.
Gary Crowder, Smith Frozen Foods president and CFO, will remain with Lakeside Foods during the transition phase.
Lakeside Foods president and CEO Joe Yanda said: “We are excited to further grow our frozen vegetable business and strengthen service to our nationwide base of retail, foodservice and industrial customers, especially those with a large footprint on the West Coast.”
The company plans to retain a “substantial” number of Smith Frozen Foods employees and is working on employee and benefits changeover.
Gordon Smith, Smith Frozen Foods' owner and chairman of the board, said: “We are pleased to have found a great buyer. Lakeside Foods is a family-owned company like ours, with a rich heritage and stable history as a vegetable producer.”
Concurrently, Lakeside Foods has decided to end operations at its production facility in Manitowoc in Wisconsin.
“This decision, which we did not make lightly, best supports our long-term strategic growth plan,” Yanda added.
Although the number of affected employees was not disclosed, they have been offered "opportunities at other Lakeside Foods locations".
Yanda said the company is “committed to Manitowoc”, which serves as its home and corporate headquarters, maintaining four other production, warehouse, and office facilities in the area.
In 2021, Lakeside Foods acquired Cher-Make Sausage Company, a local business in Manitowoc, Wisconsin, although the purchase price was not disclosed.
In 2018, Lakeside Foods acquired vegetable product business Good Eats Food Company, which owns brands such as Serious Bean Company and Ruthie’s Twisted Harvest.
