The deal, which is expected to be finalised by mid-July, will see Memphis-based Monogram Foods extend into the frozen food category from its traditional manufacturing of products including corn dogs, beef jerky and pre-cooked bacon.
Golden Country Foods has annual sales of $100 million, employs 550 employees and has two production facilities.
Plants in six states
The deal will mean that Monogram Foods now owns manufacturing plants in six states and employs over 2,300 people. Revenues with the acquisition will hit over $500m in 2015.
“This acquisition helps to strengthen our position and commitment to the frozen foods category,” said Monogram’s chairman and chief executive officer Karl Schledwitz.
“The acceptance of our bid marks another important milestone in the growth of Monogram Foods and our commitment to not only save, but also to create jobs in the markets in which we operate.”