Arca Continental, parent company of Wise Snacks, has purchased Deep River Snacks, advisory investment bank Harris Williams & Co. announced Tuesday.
Founded in 2002, Deep River Snacks offers a line of kettle-cooked potato chips and organic seasoned tortilla chips. All of its products have non-GMO ingredients, are certified gluten-free, are cooked exclusively in sunflower oil and are kosher and nut-free. The company, based in Deep River, Conn., generates about $45 million in revenue annually and donates 10 percent of profits to partner nonprofit organizations.
“When I started Deep River Snacks 15 years ago, I wanted to prove that a business could be both successful and philanthropic,” said Jim Goldberg, Deep River founder and ceo. “Through our mantra, ‘Because We Give a Chip,’ we’ve created the best-tasting snacks using real, non-GMO ingredients.
“But Deep River has become so much more than a bag of chips. The brand has become a platform to raise awareness for the organizations that have touched the lives of my family, friends and co-workers. We’ll never stop giving a chip and now, with Arca Continental’s backing, we’ll be able to have an even bigger impact in communities across America.”
By partnering with Arca Continental, also Latin America’s second-largest Coca-Cola bottler, Deep River can scale innovation and distribution. The acquisition is also a meaningful addition for Arca, which is well-positioned in the U.S. snack market with its Wise and Cheese Doodles brands.
“Consistent with AC’s profitable growth and long-term vision, we continue to expand our investment in complementary businesses in the United States, hand-in-hand with a company that shares our core values and sense of social responsibility,” said Manuel L. Barragan Morales, chairman of Arca’s board of directors.
