(BUSINESS WIRE) The Kraft Heinz Company announced today that it has entered into a definitive agreement to acquire Primal Nutrition, LLC, makers of Primal Kitchen branded products, for approximately $200 million.
Founded by Mark Sisson and Morgan Buehler, Primal Kitchen is a brand primarily focused on healthier condiments, sauces and dressings, including mayonnaise, salad dressings and avocado oil. The brand holds leading positions in both e-commerce and natural channels, and is expected to generate approximately $50 million in net sales this year.
Primal Kitchen will join Kraft Heinz under Springboard, the platform created to partner with founders and brands that will "disrupt" the food industry. Primal Kitchen will leverage Kraft Heinz’s assets and infrastructure, while still operating as an autonomous company. Primal Kitchen will continue to be led by its current leadership team. Its headquarters will remain in Oxnard, California.
Mark Sisson, Co-Founder of Primal Kitchen said, “My mission has always been to change the way the world eats. With that goal in mind, Primal Kitchen launched in 2015 to offer health-conscious consumers the best possible choices in condiments, sauces, dressings and healthy snacks. While our growth to date has exceeded all industry standards and expectations, our partnership with an industry leader like Kraft Heinz now offers an unrivaled opportunity to reach millions more of the consumers who have been seeking products like ours."
The transaction is subject to customary closing conditions and is expected to be completed in early 2019.