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As noted in our Snyder’s-Lance (LNCE) earnings note this morning, we will be hosting a live Black Book presentation on August 19th at 11:00am ET.


We view LNCE as a high quality, small cap name in the Consumer Staples space.  The company’s brands are well positioned in the snacking category to allow for sustainable volume growth and margin expansion for the next 3-5 years.  

Their direct-store-delivery distribution network (DSD network) is vital to success. It allows LNCE to have feet on the street, being stewards of the brand, working with store management and making sure product is always on shelf. Think about the power Coca-Cola harnesses by having their own distribution network, this is the same thing but for snacks.

M&A opportunities are abundant for this company as they look across the landscape. Management has stated that when thinking about returning cash to shareholders the first thought is on M&A, share buybacks and dividends come second. Angie’s, KIND Snacks, Justin’s and thinkThin jump to mind as possible acquisition targets.


A lot more to come as we dig deeper over the next week. Right now we are seeing 25%+ upside to the name driven by robust organic volume growth and market share gains.


We will be speaking with the company this week to dive a little deeper into some of our questions. To the extent you have something you want answered, please email us by either responding to this note or to our email addresses included below.


Toll Free:


Confirmation Number: 13616471

Materials: to be made available later

Howard Penney

Managing Director

Shayne Laidlaw