US – Protein snack producer Stryve Foods has entered into a merger agreement with Andina Acquisition Corp. III, in a move that will see the combined business become a public listed company valued at US$170 million.
As part of the business combination, Andina will acquire Stryve’s business, redomesticate it from the Cayman Islands and convert it into a Delaware corporation.
Following the transaction, the combined company will be renamed Stryve Foods, Inc and is expected to remain listed on the NASDAQ under the ticker SNAX.
Stryve Foods, Inc will however continue to focus on manufacturing and marketing healthy snacks that aim to disrupt traditional snacking categories.
The US-based protein snack firm offers a range of air-dried meat products that are high in protein and low in sugar with no artificial ingredients – including biltong and carne seca – in over 17,000 retail stores across the US and Canada.
Joe Oblas, co-CEO and co-founder of Stryve, and Jaxie Alt, co-CEO and chief marketing officer, as well as their executive leadership team will continue leading the company even as it prepares to enter the public market.
“We firmly believe that Stryve is well-positioned to capitalise on favourable better snacking trends as well as the considerable whitespace for health-driven innovation in what remains a large, fragmented category with underdeveloped channels,” said Joe Oblas.
“We are excited to be partnering with Andina as we transition into the public markets and are committed to enhancing value for all of our stakeholders,” he added.
Andina Acquisition Corporation III (Andina III) is a blank check company formed in January 2019 for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more target businesses.
The company has a successful track record having closed two prior business combinations under Andina I where it signed a definitive agreement to merge with Tecnoglass, Inc and Andina II where it completed a business combination with Lazydays R.V.
Commenting on its recent merger, Luke Weil, chairman of Andina, and Julio Torres, CEO of Andina, said: “Stryve is a unique and compelling investment opportunity that is changing the way Americans snack and we look forward to joining with them on their mission.
“With a leadership team that has proven themselves in operating and scaling profitable businesses along with significant tailwinds for functional and nutritious snacking, we believe Stryve is poised for rapid growth and value creation.”
The business combination is expected to close in the second quarter of 2021, following Andina stockholder approval and customary closing conditions.
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