The Deal
Second Nature Brands has completed its acquisition of Tillamook Country Smoker, the Bay City, Oregon-based meat snack producer, from private equity firm Insignia Capital Group. The transaction extends Second Nature Brands' better-for-you snack portfolio — which already includes Kar's Nuts, Sahale Snacks, Sanders, Brownie Brittle, Voortman, and Second Nature Snacks — into the high-velocity protein snacking segment.
Terms of the transaction were not disclosed. Houlihan Lokey served as exclusive financial advisor to Tillamook Country Smoker and Insignia, with Kirkland & Ellis LLP acting as legal counsel. Solomon Partners advised Second Nature Brands, with Willkie Farr & Gallagher LLP as legal counsel.
Growth Under Insignia
Insignia Capital Group first invested in Tillamook Country Smoker in 2017, when the brand was largely a Pacific Northwest regional player in beef jerky, sticks, and smoked sausages. Over the nine-year hold period, the firm says revenue and EBITDA each more than tripled. Key levers included a nationwide distribution expansion across grocery, club, mass, convenience, and e-commerce channels, plus a manufacturing overhaul at two Oregon facilities that increased both capacity and throughput efficiency.
The headline product innovation over that period was the launch of a Zero Sugar meat snack platform, which Insignia describes as the category leader in one of the fastest-growing segments within snacking. Zero Sugar positioning has become a key on-shelf driver as consumers and foodservice operators alike scrutinize added-sugar content across center-store and grab-and-go formats. "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."
Strategic Fit for SNB
For Chicago-based Second Nature Brands, the acquisition adds a protein-forward, clean-label manufacturing platform to a portfolio that has historically skewed toward nut mixes, confections, and baked snacks. The move reflects a broader consolidation trend in the better-for-you snack space, where scale in procurement, retail shelf negotiations, and co-manufacturing relationships increasingly separates growth brands from stagnant ones.
Meat snacks remain a standout category in both retail and foodservice convenience channels, with jerky and stick formats commanding premium price points and strong impulse velocity at checkout. Adding Tillamook Country Smoker gives Second Nature Brands — backed by CapVest Partners LLP — a production-ready platform with proven national retail distribution, relevant for operators sourcing grab-and-go protein items across convenience and non-commercial foodservice accounts.
Insignia Capital Group said it will continue to pursue investments in consumer and food sectors. The firm's exit from Tillamook Country Smoker is consistent with a pattern of PE-backed consolidation seen across the snack and specialty food segment, where strategic acquirers are prioritizing brands with clean-label credentials and demonstrated retail velocity. For operators tracking supply chain and branded ingredient trends, the Tillamook Country Smoker acquisition signals continued investment in protein snack manufacturing infrastructure in the Pacific Northwest.
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.
