The Texan producer is going public by merging with Andina Acquisition Corp. III, a special purpose acquisition corporation (SPAC). Big name investors – including actor Channing Tatum and Los Angeles Chargers quarterback Justin Herbert – poured $42.5m into the transaction, which is set to close in the second quarter. The newly-formed company will trade under a new ticker: SNAX, with an expected $170m enterprise value.
High protein, low sugar
Biltong is ticking a lot of consumer boxes. The air-dried meat snacks – made using a process that originated centuries ago in South Africa – is a better-for-you alternative to traditional jerky with 50% more protein, zero sugar and zero additives.
It’s important not to confuse biltong with beef jerky, which is cooked and often includes added sugars and preservatives. Importantly, the US won’t allow the importation of biltong from South Africa as it isn’t cooked – giving Stryve a massive advantage as the largest producer of the better-for-you high protein snack in the US. It also manufactures the treat in one of the few licensed US plants that are allowed to produce biltong.
Last fall, the Plano-based company rolled out Vacadillos, a dried carne seca snack aimed at the Hispanic community. In mid-December, it also purchased Kalahari Snacks, the second biggest biltong brand in the US, which further cemented its position.
The company is on an remarkable trajectory, posting a stellar CAGR in gross revenues since inception in 2018 and forecasting sales to grow more than 100% in both 2021 and 2022. The company expects to generate about $51m in 2021 revenue.
Stryve has had great success with ecommerce – commanding a 40% repeat order rate on Amazon – along with growth in brick-and-motar, currently found in more than 20,000 retail outlets across the US and Canada, including Walmart, Kroger, CVS and 7-Eleven. More listings are expected this year.
BakeryandSnacks spoke to Jaxie Alt, co-CEO and chief marketing officer, about the exciting developments and the producer’s mission to get Americans snacking smarter.
“We are on a mission to help Americans snack better, and we do see ourselves as an emerging healthy snacking platform,” said Alt. “For us, that begins in the meat snacks category, and we plan to enter other healthy verticals as well down the road.”