The Deal
Second Nature Brands, the CapVest Partners-backed better-for-you snack platform, has completed the acquisition of Tillamook Country Smoker, a Bay City, Oregon-based producer of premium meat snacks including beef jerky, sticks, and smoked sausages. The seller, Insignia Capital Group, had held the company since 2017. Financial terms were not disclosed.
Nine Years of Growth
During Insignia's nine-year ownership, Tillamook Country Smoker more than tripled both revenue and EBITDA as the brand expanded from a predominantly Pacific Northwest regional player into a nationally distributed meat snack company. Insignia invested in modernizing two Oregon manufacturing facilities, broadened the brand's shelf presence across grocery, club, mass, convenience, and e-commerce channels, and oversaw the launch of a Zero Sugar product line that the company describes as the clear segment leader in one of the fastest-growing areas of the broader snacking category.
"It has been a privilege to partner with the Tillamook Country Smoker team and the entire Tillamook community," said David Lowe, Managing Partner at Insignia Capital Group. "We are proud of everything the team accomplished together and look forward to watching what they accomplish with Second Nature Brands in their next phase of growth."
Strategic Fit for SNB
For Second Nature Brands — whose existing portfolio spans Kar's Nuts, Sahale Snacks, Sanders, Brownie Brittle, Voortman, and Second Nature Snacks — the deal extends the company's reach into the high-protein meat snack aisle, a segment that has attracted sustained consumer and investor interest as shoppers trade toward protein-forward, better-for-you formats. The acquisition aligns with Second Nature Brands' stated growth strategy of combining organic innovation with bolt-on deals.
The transaction adds meaningful manufacturing scale to Second Nature Brands' supply chain: Tillamook Country Smoker operates two Oregon production facilities and sells through all major retail trade channels nationally. The protein snack segment has seen consistent volume growth in recent years, driven in part by zero-sugar and clean-label positioning — attributes Tillamook Country Smoker has emphasized under Insignia. For context on how snack M&A is reshaping the competitive landscape, see our earlier coverage of better-for-you snack consolidation and meat snack category trends.
Houlihan Lokey acted as exclusive financial adviser and Kirkland & Ellis LLP served as legal counsel to Tillamook Country Smoker and Insignia Capital Group. Solomon Partners advised Second Nature Brands on the transaction, with Willkie Farr & Gallagher LLP acting as its legal counsel.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
