February 3, 2021

photo credit: Stryve Foods

By Lynda Kiernan, Global AgInvesting Media

Stryve Foods, an upward startup making biltong, announced it has merged its business with special purpose acquisition company (SPAC) Andina Acquisitions Corporation III to form a new, publicly listed company renamed Stryve Foods Inc., which will trade on the NASDAQ under the ticker SNAX. 

As part of the transaction, which valued Stryve at $170 million, and is expected to provide about $67 million in gross cash proceeds to the company, Andina and Stryve raised more than $50 million of fully committed capital.

Co-founded in 2017 by Casey, the founder of Dymatize; Joe Oblas and TJ Humphrey’s, the founders of Prosupps; and Gabe Carimi, current Stryve CEO and former NFL first-round draft pick, Stryve is on a mission to disrupt the dried-meat category.

Originally from Botswana, South Africa, Zimbabwe, and Namibia, biltong is similar to jerky in that it is a meat protein snack food, however, it is made from thinly sliced meat, and is produced without heat or cooking, and often without sugar. Slicing USDA-graded top round steak very thinly, the company naturally preserves its products with vinegar and salt, then air dries them for three weeks. This process results in a snack that has 40-50 percent more protein than beef jerky with 36 grams of protein per 2.25-ounce bag, and no sugar, monosodium glutamate (MSG), gluten, nitrates, nitrites or preservatives, and aligns with Keto and Paleo diets.

Jerky snacks are one of the fastest growing categories in the food sector, reports Food Dive. Jerky saw sales exceed $1 billion last year, and is expected to see annual growth of 4.2 percent through 2022, according to IBIS World, reported NOSH.

This growth will largely rest on consumer demand for convenience, high-protein, low-sugar snacks that are minimally processed and offer new and innovative flavors – all facts that are not lost on Stryve Biltong, which now sells several brands of air-dried meat including Kalahari, which it acquired in December 2020.

“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 Joe Oblas, co-CEO and co-founder, Stryve.”

“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,” continued Oblas. “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.”

Today, Stryve’s snacks are carried in more than 17,000 retail outlets across North America as well as through online sites, and the company fully expects to see about $51 million in revenue for 2021.

Under its new structure, Andina will re-domesticate from the Cayman Islands to the state of Delaware, changing its name to Stryve Foods in the process. Moving forward,  the new company will continue to be led by co-founder and co-CEO Joe Oblas, co-CEO and chief marketing officer; Jaxie Alt; and their executive leadership team, including Chief Operating Officer Alex Hawkins and Chief Sales Officer Bruce Boettner.

“With a leadership team that has proven themselves in operating and scaling profitable businesses along with significant tailwinds for functional and nutritious snacking, we believe Stryve is poised for rapid growth and value creation,” said Luke Weil, chairman of Andina, and Julio A. Torres CEO of Andina.

“Stryve is a unique and compelling investment opportunity that is changing the way Americans snack and we look forward to joining with them on their mission,” continued Weil and Torres. “They have developed a unique product in beef biltong that appeals to healthy snack seekers, many of whom are new to the vastly underpenetrated meat snack category. Further, they have the experience and know how to disrupt other traditional snacking categories as well.”

– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, and HighQuest Group’s Oilseed & Grain News. She is also a contributor to the GAI Gazette. She can be reached at lkiernan@globalaginvesting.com.