Terms of the deal were not disclosed, but the acquisition is part of Tysons's plan to expand its portfolio of value-added foods. Circle Foods produces hand-held Mexican foods and uncooked tortillas under the Nuevo Grille and Tortillaland brands, and Rotiland brand Indian flatbreads. The company also produces food products under private labels for various customers.
"Claridge and the Circle Foods team have developed an outstanding portfolio of products and customers, with a fantastic plant and workforce, and will be an excellent fit within our branded consumer products group," said Donnie Smith, president and CEO of Tyson Foods. "We believe Tyson's robust sales structure, as well as our frozen and refrigerated foods distribution system, will enable this business to accelerate its growth."
Tyson Foods said there are no plans for significant operational changes. The company intends to keep the existing Circle Foods management and production team in place to grow the business. Circle Foods has approximately 600 full-time employees, and operates a 159,000 square foot facility in San Diego, Calif., that produces burritos, chimichangas, enchiladas, quesadillas, tacos and tamales, as well as tortillas and Indian flat breads.
"We are delighted to see the transition of Circle Foods to Tyson Foods, who are committed to continue the growth of the business. Right from the beginning when we met the Tyson people and organization we knew we had an excellent partner we could work with on this transaction," said Stephen Bronfman, executive chairman of Claridge. "We are confident that Circle Foods will flourish under Tyson's ownership."
