[29 November/CNBC]

Kraft Heinz has confirmed that it plans to buy paleo dressing company Primal Kitchen.  Primal Kitchen makes paleo-friendly products including mayo, avocado oil and dressings. It says its products are without processed or artificial ingredients, added sugars, soybean or canola oils. Like many large food companies, Kraft Heinz is looking for platforms to help compete against upstart brands. The $200 million deal, which is backed by 3G Capital, is expected to close in early 2019. It gives Kraft Heinz, which already owns a range of branded dressings, a market position to compete with innovative brands like Sir Kensington’s and Annie’s Homegrown. Primal Kitchen is expected to generate about $50 million in revenue this year, Kraft Heinz said. Kraft Heinz’s shares are down 34 percent since January, and were up less than 1 percent following the news.