NEW YORK — Meat snack maker Stryve Foods LLC has entered into a definitive agreement to merge with publicly traded special-purpose acquisition company Andina Acquisition Corp. III. Upon closing of the transaction, the combined company will be renamed Stryve Foods Inc. and is expected to remain listed on the Nasdaq under the ticker SNAX.
Stryve produces air-dried meat products, including South African-style biltong and Latin American-style carne seca. This past December the company acquired Kalahari Biltong. The company’s products are available online and in more than 17,000 retail outlets across the United States and Canada. The company expects to generate about $51 million in 2021 revenue.
The transaction values the combined company at approximately $170 million at closing. It will be funded by a combination of cash, a full-equity rollover from existing Stryve ownership and proceeds from a private placement of $42.5 million of common stock at $10 per share that will close upon completion of the business combination. Stryve raised $10.6 million through the sale of unsecured convertible bridge notes that will be funded immediately and convert into common stock prior to closing. The transaction is expected to close in the second quarter and remains subject to the approval of the stockholders of Andina, as well as other customary closing conditions.
The combined company will be led by the Stryve executive leadership team, including co-chief executive officers Joe Oblas and Jaxie Alt, chief operating officer Alex Hawkins, and chief sales officer Bruce Boettner.
“We firmly believe that Stryve is well positioned to capitalize on favorable better snacking trends as well as the considerable whitespace for health-driven innovation in what remains a large, fragmented category with underdeveloped channels,” said Oblas, a co-founder of Stryve Foods. “Our intention is to accelerate Stryve’s growth trajectory by capitalizing on the strengths of our existing business while staying true to our mission of helping Americans snack better and live happier, more fulfilling lives by disrupting traditional snacking categories. We are excited to be partnering with Andina as we transition into the public markets and are committed to enhancing value for all of our stakeholders.”