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Monogram acquires beef jerky company
LOCAL FIRM FOLLOWING AGGRESSIVE GROWTH PLAN By Erinn Figg, Special to the Commercial Appeal. Memphis-based Monogram Food Solutions LLC continued to beef up its product portfolio with the acquisition of Wild Bill's Foods Inc. of Lancaster, Pa. "Wild Bill's is a major brand in its category," said Karl Schledwitz, chairman and CEO of Monogram. "When we add its revenue to our resources, the synergies will make us much more profitable. "We have a national sales force that can take Wild Bill's from a strong regional brand to a major player nationwide." With about $15 million in revenue, Wild Bill's is available in the Northeast and is the No. 7 ranked beef jerky brand in total U.S. convenience store sales. Monogram president Wes Jackson cites a distinct flavor profile resulting from a labor-intensive production process as the reason for the brand's almost cult-like following. The popular beef jerky brand joins a growing list of high-profile brands in Monogram's snack lineup. Well known for its regional brands King Cotton and Circle B, Monogram also has licensing agreements with Jeff Foxworthy and NASCAR for varieties of meat snacks, and Emeril Lagasse for a selection of gourmet coffees. Wild Bill's is Monogram's third major acquisition this year. In May, the company bought Al Pete's Meats, the Pete's Pride brand name and its production facility in Muncie, Ind. And last month Monogram bought the Bull's, Hannah's, O'Brien's and Dakota brands, along with a facility in Martinsville, Va., which will soon house the Wild Bill's production process. The company is following an aggressive but controlled growth plan, Schledwitz said. " We're in a position where we're able to take advantage of these credit-intense times," he said. "There are few buyers who are able to compete, and sellers have fewer alternatives. We've put together creative financing and raised some equity that enables us to pursue more opportunities with less competition." He expects further growth in the company's future. "We will continue to look for other acquisitions in processed meats, and we're expanding our Memphis headquarters every time we make an acquisition." |
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