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Food company Conagra Brands Inc (NYSE:CAG) is shopping its iconic Hebrew National hot dog brand and it may have found a buyer in Brazil's JBS ADR (OTC:JBSAY), sources told The Wall Street Journal.
What Happened: The Hebrew National hot dog brand dates back to 1905 and was acquired by Conagra in 1993. Nearly three decades later, Conagra is reportedly combining the brand with other lines, including Egg Beaters and Odom's Tennessee Pride, as part of a packaged deal.
Conagra detailed in late February its post-COVID pandemic plans to spur growth that focuses on leveraging data analytics and on long-lasting trends, updating older brands with healthier ingredients and focusing on lines with trendy flavors.
A sale of three of Conagra's brands appears to fit in with management's focus, despite the hot dog's slogan that it answers "to a higher authority."
Related Link: Kraft Heinz Confirms Sale Of Planters Brand To Hormel Foods
Why It's Important: Conagra last disclosed in April 2019 that Hebrew National's sales over the prior year were $170 million.
JBS may be a natural fit for Hebrew National as it is the largest beef processor in the U.S., according to WSJ.
The acquisition of a historic hot dog brand would give it additional exposure in the grocery store at a time when demand for at-home dining remains strong.
What's Next: WSJ's sources said talks with JBS could close within weeks, or Conagra could end up shopping around for other buyers. As is always the case with reports of deals of this nature, Conagra may decide to keep the brands in its portfolio and end all discussions.
Related Link: What's going on with the stock market today? Check out Benzinga on YouTube.)
(Photo: Hebrew National, Conagra)
