Plano-based snack food company Stryve is expected to begin trading on the NASDAQ tomorrow under the ticker “SNAX.”
The company’s merger with special-purpose acquisition company Andina Acquisition Corp. III valued the snack food brand at $170 million and closed Tuesday, according to a release from Stryve. The combined company was renamed Stryve Foods Inc.
Stryve began by selling cured meats known as biltong. Biltong is a jerky-like air-dried beef originating from South Africa that boasts less sugar and additives than traditional beef jerky.
The company has been growing rapidly year after year, and even Hollywood heartthrob Channing Tatum has invested in it.
Stryve recorded $14 million in sales in 2019 and nearly $20 million in 2020. It estimates it will reach $51 million this year. Its biltong snacks are on shelves in 17,000 stores across the U.S., including Walmart, Kroger, Sprouts, 7-Eleven and 25 other retailers.
With offices near the Shops at Legacy, the company has pulled in executive talent with experience in the snack food industry, including from Dr. Pepper, Snapple and 7-Eleven. In 2019, the company built an $11 million, 100-employee production plant in Oklahoma.