US-based meat snacks producer Stryve Foods has commenced a formal review of “strategic alternatives” to drive growth.
In a statement yesterday (29 April), the company said it is exploring a range of strategic options to raise capital in line with “accelerating” demand growth and to maximise shareholder value.
“Potential outcomes of this process may include, but are not limited to, a strategic investment, a business combination, a sale of the company or its assets, or other potential transactions,” the statement read.
The snacks maker said no timetable has been set for the conclusion of the process, adding it does not plan to provide further updates unless a “specific course of action” is approved by the board of directors or otherwise required by law.
Over the past two years, Stryve said it has made “significant progress in transforming its operations and driving demand” for its offerings. It has reported improvements in overall business performance and cut its in losses “considerably”.
In light of ongoing capital constraints, the company has been actively working to raise funds to support “sustainable growth”.
Stryve Foods CEO Chris Boever said: “It is imperative that we secure the working capital necessary for us to meet customer needs and to put us in position to achieve our near-term profitability plan.
“As we continue to execute on our strategy, we are exploring opportunities to further strengthen our financial position, satisfy our immediate working capital needs, and accelerate growth.”
Boever added that the business is “exploring all viable options to position the company for long-term success and maximise value for our shareholders and stakeholders”.
There is no assurance the strategic review will result in any specific transaction or outcome, the company said.
Stryve Foods offers air-dried meat snacks marketed under the brand names Stryve, Kalahari, Braaitime and Vacadillos.
The company also produces “human-grade” pet treats under the brands Two Tails and High Steaks.
It distributes its products across major retail channels in North America, including grocery and convenience stores, mass merchants, and e-commerce platforms such as Amazon and Walmart.
In October, Stryve Foods partnered with redistributor Dot Foods, aiming to boost the sales of its meat snacks in the US market.
The company appointed former PepsiCo senior executive Kevin Vivian as its board chairman in July.
“Stryve Foods initiates review of “strategic alternatives”” was originally created and published by Just Food, a GlobalData owned brand.
