According to J&J’s senior VP, Jerry Law, the acquisition will add to J&J’s range of nutritional branded snack foods.
“It rounds out our in-store bakery offerings by expanding our capabilities and customer base, and provides us a newly constructed facility that has ample capacity for growth and a nimble production process,” he said.
Hill & Valley’s president, Doug Davidson, added that J&J brings substantial resources to the table to enhance the company’s services to its customers.
“Hill & Valley is a leading brand of ‘sugar free’ and ‘no sugar added’ pre-baked in-store bakery items. Additionally, the company sustains strategic private labeling partnerships with retailers nationwide,” he said.
Last week, analysts at DA Davidson boosted their Q4 2017 earnings estimates for J&J Snack Foods Corp. in a research note issued to investors.
They now forecast that the New Jersey-based company will post earnings of $1.35 per share for the quarter, up from their previous estimate of $1.32. The investment firm currently rates J&J as “neutral”, targeting a $140 price on the stock.
At the time of writing, NASDAQ reported J&J shares at $130.06.
J&J’s food service segment is engaged in selling products such as soft pretzels, desserts, churros, dough enrobed handheld products and baked goods through partnerships and acquisitions. In 2015, it signed a partnership deal with General Mills to manufacture frozen dessert products under the Pillsbury brand name.