US: Meat snack provider Stryve Foods to go public

  • 1 February 2021
  • M&A
Stryve to enter Nasdaq under the ticker symbol SNAX following merger with SPAC company Andina Acquisition Corp. III
Stryve product display
Photo as seen on the company website

Protein snacks company Stryve Foods and Andina Acquisition Corp III, a special purpose acquisition company (SPAC), have agreed a business combination that will result in Stryve becoming a public company. The transaction values the combined company at an enterprise value of $170 million and is expected to generate approximately $67 million in gross cash proceeds. As part of the transaction, the companies raised more than $50 million of fully committed capital.

Upon closing of the transaction in Q2, the combined company will be renamed Stryve Foods and is expected to remain listed on the NASDAQ under the ticker SNAX. The company is headquartered in Plano, Texas.

The companies have executed definitive agreements with institutional investors for an oversubscribed private investment in public equity (PIPE)  of $42.5 million at $10 per share.

Stryve simultaneously has secured a $10.6 million bridge note offering with accredited and institutional investors with funds being made available immediately for general working capital purposes. The bridge note offering will convert into common stock immediately prior to the business combination closing.

Stryve Foods’ co-chief executive and and chief marketing officer Jaxie Alt said: “Eating healthier is a long-term consumer trend in America that is here to stay – yet most of the snacks in America are highly processed foods with little true nutritional value. Our products are a revolution in snacking that Americans are looking for – snacks that are high protein, no to low sugar, with nothing artificial.”

Stryve stated it is disrupting the meat snack category through its air-dried meat products including biltong, which originated in South Africa, and carne seca, which is from Latin America.

Protein snacks

Stryve says its process of air-drying meat versus cooking, as is done with beef jerky, yields a product that has 40-50% more protein per serving than beef jerky.

The company added that its all-natural meat snack products are made with 100% beef, are never cooked, and contain no sugar, monosodium glutamate, gluten, nitrates, nitrites or preservatives. Products are keto and paleo diet-friendly. 

Stryve sells several brands of air-dried meat including Stryve and Kalahari, which it acquired in December.