Bansk Group has acquired No Man’s Land Foods, a provider of branded meat snacks sold through the convenience channel.
No Man’s Land’s products include slow-dried all-beef jerky and meat sticks in four flavors – hot, mild, black pepper and fajita lime. No Man’s Land, led by co-owners and CEO Pete Dillingham and President Clint Beagley, was founded in 1997 by Britt Smith and is headquartered in Enid, Oklahoma. Post closing, the company will continue to be led by Messrs. Dillingham and Beagley.
“Bansk’s expertise in building consumer businesses is unmatched, and we could not be happier to have them as our partners,” said Mr. Dillingham. “Our team looks forward to working closely with the Bansk team and utilizing their extensive operational and brand building experience to accelerate No Man’s Land’s next phase of growth.”
“We are grateful for the innovative products developed by the Smith family, who founded the business over 25 years ago,” added Mr. Beagley. “The Bansk team shares our long-term vision, and we are confident this partnership will be invaluable as we bring our authentic, clean jerky products to more consumers at home and on the go – wherever they may be.”
The beef jerky market in the United States is estimated to have $1 billion in total revenue with notable market share leaders Jack Link’s, Oberto, Slim Jim, Krave, Perky Jerky, Wild Bill’s, Country Archer, and Old Trapper. Beef jerky is popular among consumers looking for a high-protein, low-carb, and portable snack option with health-conscious individuals and fitness enthusiasts often choosing beef jerky as a protein source.
“Consumers today are increasingly seeking high-quality, high-protein snack options, and we believe there is a meaningful opportunity for No Man’s Land to expand into new distribution channels and geographic markets and bring its beloved products to more consumers across the country,” said Brian O’Connor, a senior partner and chief investment officer at Bansk. “As longtime food and beverage investors, we believe brands dedicated to quality, convenience and unique flavors can achieve a highly loyal consumer base and sustainable long-term brand differentiation. The No Man’s Land team has built an exceptional business, and we are thrilled to partner with them to help position the company for continued growth.”
Private equity firms have been active in the beef jerky sector with recent investments by Stride Consumer Partners in Chomps, Sonoma Brands Capital in Chef’s Cut and Krave, Insignia Capital in Tillamook Country Smoker, and Monogram Capital in Country Archer. Other participants in the sector include large consumer products companies (Conagra owns Slim Jim) and privately held family businesses (the Link family owns Jack Link’s).
Bansk’s investment in No Man’s Land is the firm’s second investment in the food and beverage sector and follows its buy of Red’s All Natural, a Tennessee-headquartered provider of branded frozen burritos and breakfast sandwiches, in January 2023.
Bansk invests from $100 million to $400 million of equity in consumer packaged goods (CPG) brands with specific interest in four sectors: beauty and personal care; consumer health; food and beverage; and household products. CPG products are items purchased by consumers that require regular replacement or repurchase such as food, beverages, household cleaners, toiletries, tobacco, and cosmetics. Bansk was founded in 2019 and is based in New York City.
In July 2023, the consumer-focused firm held a final close of its inaugural fund, Bansk Fund I LP, with $800 million of capital.
In addition to No Man’s Land and Red’s All Natural, other Fund I portfolio companies include Woodstream, a Pennsylvania-headquartered provider of branded pest and animal control, lawn and garden, and electronic animal containment products (2020); Arcadia Consumer Healthcare, a New Jersey-headquartered provider of over-the-counter medicines, vitamins, minerals and supplements (2021); and Bansk Haircare, a portfolio of three brands including amika (2022), Eva NYC (2022), and Ethique (2020).
Bansk’s senior management team is led by a group of executives with decades of CPG-focused investing and operating experience. The firm’s senior partner and chairman, Bart Becht, was previously the CEO of Reckitt Benckiser, a UK-headquartered multinational consumer goods company specializing in health, hygiene, and home products; and Brian O’Connor, the firm’s senior partner and chief investment officer, was previously at Vestar Capital Partners for nearly 20 years. Other partners at Bansk include Chris Kelly, formerly at TPG Growth, and Bill Mordan, formerly at Reckitt Benckiser.
Lincoln International was the financial advisor to No Man’s Land on this transaction.
© 2024 Private Equity Professional | February 6, 2024
