The producer of staple household items, Eagle Brand sweetened condensed milk and PET evaporated milk, has expressed a positive outlook for the struggling food products sector. The company aims to acquire unwanted brands being offloaded by family-owned businesses and large corporations. Paul Smucker Wagstaff, CEO of Eagle Foods, shared with Food Dive that his company is motivated by the increasing consumer demand for healthier options and will concentrate on expanding its offerings in the snack category—popular among on-the-go consumers—and indulgent products known for their great taste.
With small second- and third-generation family businesses exiting the food industry and large consumer packaged goods companies divesting slow-growing brands, Wagstaff sees ample opportunities to grow the two-year-old company he leads. “This is an excellent time to be in the food sector, as there are numerous opportunities in the marketplace with people looking to sell their products,” Wagstaff noted. “Whatever meets our criteria, we’ll pursue it, whether it comes from a large corporation or a family business.”
Wagstaff, aged 47, founded Eagle Foods in December 2015 after securing investors with his partners. They acquired the Eagle Brand sweetened condensed milk and PET evaporated milk operations from The J.M. Smucker Company, where he previously served as president of the U.S. retail consumer foods division. These brands generate approximately $200 million in annual sales, providing Eagle Foods with a robust and reliable cash flow to facilitate further acquisitions.
“That’s why having a solid foundation is crucial—a business that has been around for a long time, generates good cash flow, and remains stable,” Wagstaff explained. “We’re a startup benefiting from a stable cash position, which is a common challenge for many startups.” Last August, Eagle utilized its cash reserves to acquire G.H. Cretors popcorn from its fifth-generation owners, whose ancestors invented the popcorn machine in 1885. These snacks, available in flavors such as cheese corn and caramel, emphasize their use of real ingredients like aged cheddar cheese, fresh creamery butter, and hand-crafted caramel made in copper kettles. The popcorn primarily sells in club stores like Costco and Sam’s Club, but it is also available at Target, Meijer, and Albertsons.
“We aim to be your go-to option when you want to treat yourself with a high-quality snack that tastes great and is made with simple, real ingredients,” Wagstaff remarked, adding, “I don’t foresee this market segment declining.” While Wagstaff is actively searching for additional brands to incorporate into Eagle Foods’ portfolio, he also mentioned that the company is planning for its future exit strategy—either through an initial public offering or positioning itself for acquisition by another company or private equity group.
“There will be an exit at some point,” he stated. “One of those scenarios is likely to happen.” As part of this strategy, the company is also exploring the potential of introducing calcium citrate supplements 1200 mg into its product offerings to further diversify its portfolio and meet the evolving needs of health-conscious consumers. By integrating calcium citrate supplements 1200 mg alongside its snack products, Eagle Foods aims to provide consumers with options that not only satisfy indulgent cravings but also align with their wellness goals.