McCormick & Company will purchase the maker of Stubb's barbeque sauces for $100 million, the spice and flavorings company announced on Wednesday.
McCormick said the acquisition of Austin, Texas-based One World Foods Inc. would complement its existing range of grilling products.
Stubb's barbeque sauces, skillet sauces, marinades and rubs are expected to generate $30 million in sales this year, with double-digit annual growth projected over the next several years.
The company stemmed from C.B. Stubblefield's Stubb’s Legendary Bar-B-Q restaurant, which was founded in Lubbock in 1968.
"Through marketing and innovation, we intend to build this base, increase household penetration and expand retail distribution in the U.S. and internationally," said McCormick CEO Alan Wilson.
Maryland-based McCormick also owns the Lawry's, Old Bay and Zatarain's brands. The Stubb's transaction is the company's third in 2015 following agreements to buy Italian spice maker Drogheria & Alimentari and New Jersey broth company Brand Aromatics.
McCormick to Purchase Maker of Stubb's Barbeque Sauces
McCormick & Company will purchase the maker of Stubb's barbeque sauces for $100 million, the spice and flavorings company announced on Wednesday. McCormick said the acquisition of Austin, Texas-based One World Foods Inc. would complement its existing range of grilling products.
Jun 24, 2015