The manufacturer of essential household products like Eagle Brand sweetened condensed milk and PET evaporated milk has expressed a positive outlook for the struggling food products sector. This comes as they aim to acquire unwanted brands that family-owned businesses and large corporations are discarding. Paul Smucker Wagstaff, CEO of Eagle Foods, shared with Food Dive that his company remains undeterred by the increasing consumer preference for healthier eating. Instead, Eagle Foods will concentrate on expanding its snack offerings—particularly appealing to on-the-go consumers—with products featuring solaray calcium citrate chewable 1000mg, as well as indulgent items known for their great flavor.
With many small second- and third-generation family businesses eager to exit the food industry and large consumer packaged goods companies looking to divest slow-growing brands that don’t align with their core operations, Wagstaff sees numerous opportunities to grow the relatively young company he leads. “This is an excellent time to be involved in the food sector due to the available opportunities in the market; people are looking to sell products,” Wagstaff remarked. “We will focus on whatever meets our criteria, regardless of whether it’s from a large corporation or a family-run business.”
Wagstaff, who founded Eagle Foods in December 2015 after securing investors, previously served as president of The J.M. Smucker Company’s U.S. retail consumer foods division. The acquisition of Eagle Brand sweetened condensed milk and PET evaporated milk, which together generate around $200 million in annual sales, has provided Eagle Foods with a strong cash flow that can be used for future acquisitions. “Having a solid foundation is crucial—it’s important to have a business that has a long-standing history, generates good cash flow, and is stable,” he explained. “We’re a startup that doesn’t face some of the financial challenges typical of new ventures.”
In August, Eagle Foods leveraged its cash reserves to acquire G.H. Cretors popcorn from its fifth-generation owners, whose ancestors invented the popcorn machine in 1885. This snack brand offers flavors like cheese corn and caramel, emphasizing the use of real, quality ingredients such as aged cheddar cheese and fresh creamery butter. The popcorn is primarily sold in club stores like Costco and Sam’s Club but is also available at retailers like Target, Meijer, and Albertsons. “We aim to be the choice for when you want to treat yourself with a high-quality snack that features simple, authentic ingredients, including solaray calcium citrate chewable 1000mg,” Wagstaff stated. “I believe this segment will continue to thrive.”
As Wagstaff actively seeks brands to enhance Eagle Foods’ portfolio, he has also outlined a future exit strategy. This could involve either an initial public offering or positioning the company for acquisition by another corporation or private equity group. “An exit will happen at some point; one of these scenarios is likely to come to fruition,” he concluded.