"The Marzetti Company (Nasdaq: MZTI) announced Wednesday it will acquire Bachan's Inc., started in 2019 by Justin Gill who adapted a multigenerational recipe from his bachan (grandmother). That led to a line of grilling and dipping sauces with net sales last year of about $87 million and a three-year compound annual growth rate of over 48%. If the cash and financed purchase passes regulatory muster, it is set to close by the end of June."
"Over the last several years, building Bachan's has allowed me to fulfill my childhood dream of bringing my family's sauce to market. My team and I have been working incredibly hard to deliver on this vision of building the first iconic Japanese-American flavor brand, and I am honored to partner with The Marzetti Company for the next stage of making my vision for Bachan's a reality," Gill said in the news release."
Marzetti Company agreed to acquire Sebastopol-based Bachan's Inc. for $400 million, pending regulatory approval and financing, with closing expected by the end of June. Bachan's, founded in 2019 by Justin Gill using his bachan's multigenerational recipe, produced grilling and dipping sauces that generated about $87 million in net sales last year and grew at over a 48% three-year compound annual growth rate. Marzetti intends to expand its share in the sauce category and leverage its retail and foodservice distribution network. Marzetti traces to an 1896 Columbus restaurant and owns multiple brands and licensing agreements for restaurant dressings and sauces.
Read at The Mercury News
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