PLANO, Texas, March 01, 2021 (GLOBE NEWSWIRE) — Stryve Foods, LLC, an emerging healthy snack platform disrupting traditional snacking categories, today announced that it has appointed Scott McCombs as Chief Financial Officer, effective immediately.
Mr. McCombs is an entrepreneurial, innovative, and dynamic executive with finance, merchandising, and operations expertise across multiple verticals in both publicly traded and privately held companies. Mr. McCombs spent approximately 16 years at 7-Eleven, Inc., which operates, franchises, and licenses 71,100 convenience stores in 17 countries. At 7-Eleven, Mr. McCombs held senior leadership roles, including Vice President, Finance where he was responsible for Financial Planning and Analysis, Merchandise & Operations Finance, Pricing, and Business Intelligence. In this position, he modernized cost of goods management and space planning across US Operations.
From 2013-2015, Mr. McCombs served as Senior Finance Leader of Merchandise Operations Finance and Business Intelligence for the Fresh & Easy and Wild Oats Organics brands, owned by Yucaipa Private Equity.
Mr. McCombs most recently served as Senior Vice President, Finance & Operations for CBRE Commercial Real Estate, where he led a team of finance and business operations leaders within the United States, Canada and Latin America with a combined revenue of over $7 billion. During his tenure, he was recognized as both the 2019 DCEO Magazine Most Innovative CFO Team Award Winner and CBRE Leadership Award recipient.
He holds a Bachelor in Business Administration, Summa Cum Laude, from Boston University School of Management and is a member of the Institute of Management Accountants (IMA).
Joe Oblas, Co-CEO and Co-Founder of Stryve, stated, “Scott is a fantastic addition to our team and we look forward to benefiting from his well-established credentials and experience as he elevates our finance function to an even higher level of excellence. Throughout his extensive career, he has demonstrated effective leadership across a number of different industries and has made impressive contributions along the way. We are impressed with his skill-set and are confident in his ability to help us build a stronger organization that can disrupt traditional snacking categories.”
Scott McCombs, Chief Financial Officer of Stryve, added, “I am thrilled to be back in the CPG and Retail space and as a runner and user of protein snacks, I am so pleased to become a part of Stryve’s leadership team. This is a transformative time for me to join the Company as it works to complete the business combination agreement with Andina and is on the cusp of reaching positive Adjusted EBITDA. I am particularly excited by Stryve’s accelerated growth strategy that capitalizes on favorable better snacking trends along with the considerable whitespace for health-driven innovation in what remains a large, fragmented category with underdeveloped channels. I am eager to do my part to help Americans snack better and live happier, more fulfilling lives.”
Business Combination Agreement with Andina Acquisition Corp. III
On January 28, 2021, Stryve and Andina Acquisition Corp. III (NASDAQ: “ANDA”) (“Andina”), a publicly-traded special purpose acquisition company, announced a definitive agreement for a business combination that would result in Stryve becoming a public company. Upon closing of the transaction, the combined company will be renamed Stryve Foods, Inc. and is expected to remain listed on the NASDAQ under the ticker SNAX.
The transaction values the combined company at an enterprise value of $170 million and is expected to provide approximately $67 million in gross cash proceeds to the Company. As part of the transaction, Andina and Stryve raised over $50 million of fully committed capital.
The business combination is expected to close in the second quarter of 2021. The combined company will be named Stryve Foods, Inc. and remain listed on the NASDAQ under ticker SNAX.
The Companies previously hosted a joint webcast to discuss their proposed transaction. Interested parties may listen to the webcast and view the investor presentation with more detailed information regarding the proposed transaction at www.stryve.com under “Investors” or at www.andinaacquisition.com under “Investor Relations”.
About Stryve Foods, LLC
Stryve Foods is an emerging healthy snacking platform with a mission to help Americans snack better and live happier, better lives. The Company is focused on manufacturing and marketing highly differentiated healthy snacks that disrupt traditional snacking categories.
Stryve is currently building a tribe of early adopters consisting of healthy snack seekers, many of whom are new to the meat snack category. Stryve Beef Biltong is a delicious, good-for-you snack made from 100% American beef – high in protein with 0g sugar and made from nothing artificial. Founded by fitness and nutrition enthusiasts, Stryve Biltong is on a mission to help America snack better. Biltong is a process for air-drying meat that originated centuries ago in South Africa and actually boasts more protein in every bite than traditional jerky. It is made simply –with beef, vinegar and spices – and served in slices, sticks or slabs. Stryve Beef Biltong comes in a variety of delicious flavors, including Original, Cajun, Hickory, Mesquite BBQ, Teriyaki, Zesty Garlic, Hatch Green Chile, and Spicy Peri. Stryve is available on https://stryve.com/, Amazon and over 17,000 retail stores across the U.S. and Canada.
About Andina Acquisition Corp. III
Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) is a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. For information about Andina, please visit http://www.andinaacquisition.com/
