Dive Brief:
- Snacks maker Second Nature Brands is buying Tillamook Country Smoker from Insignia Capital Group and family shareholders for an undisclosed amount. Tillamook, which generates more than $175 million in sales annually, has two manufacturing facilities in Oregon and employs approximately 480 people.
- The purchase marks Second Nature’s first investment in the fast-growing protein snacks category, the company said. The deal is expected to close in the next few months.
- Tillamook, which makes clean-label meat snacks, including zero-sugar jerky, beef sticks and sausages from all-natural ingredients, has resonated with consumers who buy meat snacks for protein and portability.
Dive Insight:
Second Nature has rapidly assembled a snacking portfolio through acquisitions, including J.M. Smucker castoffs Voortman in 2024 and Sahale Snacks in 2023. A year earlier, it purchased Brownie Brittle from Encore Consumer Capital.
The opportunity to add a well-known meat snack brand in Tillamook provides Second Nature with exposure to the spike in demand for protein and better-for-you ingredients. Sales of dried meat snacks, excluding jerky, rose 10.7% to $3.3 billion in 2024 from the prior year, according to data provided by Circana.
The growth has attracted the interest of new entrants, including PepsiCo, which launched its Good Warrior meat stick this year.
“With consumer demand for genuinely clean on-the-go protein snacks rocketing, we see fantastic opportunities to leverage our joint expertise and capabilities to bring Tillamook to even more discerning consumers across the US,” said Adam Butler, CEO of Second Nature Brands.
Tillamook is not only going head-to-head with Good Warrior, but market leaders such as Conagra Brands’ Slim Jim and more recent upstarts like Chomps, Jack Link’s and Archer.
Second Nature, which is owned by private equity firm CapVest Partners, will help Tillamook compete against these giants by leveraging its existing relationships with retailers and its experience in innovating with newly acquired brands.
