Dive Brief:
- Amplify Snack Brands is adding two new executives from DanoneWave, according to a company press release. Amplify, a better-for-you snacks company, produces brands like SkinnyPop, Tyrrells and Paqui.
- Greg Christenson joins Amplify as Executive Vice President and Chief Financial Officer while Craig Shiesley joins as Chief Operating Officer and President for North America.
- “We are very excited to welcome Greg and Craig to our team. Both bring an extensive depth of experience across high growth oriented international consumer product companies,” said Tom Ennis, Amplify’s President and Chief Executive Officer. "... I am particularly excited about their experience at WhiteWave, where they grew a business that was at a similar stage in the development curve to Amplify. I am confident they will help us execute on our long-term plan of growing into a multi-billion dollar global better-for-you snack food company."
Dive Insight:
Amplify Snack Brands hopes the new executive additions will lend experience in building a multi-billion dollar brand as the better-for-you snacking company looks to scale similar heights. Amplify's flagship brand is SkinnyPop, but it has been recently joined by Tyrrells hand-cooked potato chips, Oatmega grass-fed whey protein bars, and Paqui tortilla chips through mergers and acquisitions to form an attractive stable of healthy snacks.
The brands acquired by Amplify are on-trend, as consumers are increasingly seeking healthier options for snacks. However, they face tremendous competition and need experienced hands to guide operations if they want to grow into a global brand.
One challenge is that these acquisitions came with a sizable debt load that is seen as a hindrance to profits and shareholders. The share price of Amplify Snack Brands, which went public at $18 in 2015, was just a whisper above $7 on Wednesday.
Amplify looked to a successful company — WhiteWave, which was recently acquired by Danone and now operates as DanoneWave — to bring new talent to help these brands thrive. Both Greg Christenson and Craig Shiesley bring decades of experience in the food industry.
Christenson worked for Oberto Brands and Kraft Foods before joining WhiteWave. He was involved in WhiteWave’s acquisition of six companies and, later, its sale to Danone. Christenson could be valuable if Amplify plans to acquire other brands — as well as potentially setting them up for a sale, now or later down the line.
Shiesley led the integration of Vega Nutritionals into WhiteWave's business in the U.S. and Canada. He also led the company's plant-based division, which doubled in size to a $1 billion business through the transformation of the Silk soymilk brand. Shiesley could apply the same tactics he used to grow Silk soymilk toward Amplify's Oatmega grass-fed whey protein, as well as other brands with expansion possibilities.
By bringing in these two veteran executives from DanoneWave, Amplify is taking steps to move past its growing pains and become a leader in better-for-you snacks. Stand by to see if they deliver on their investment.