Hormel Foods (NYSE: HRL) has agreed to buy Applegate Farms, an organic and natural meat distributor, for $775 million as consolidation in the packaged foods space continues.  

Applegate had been considered a target thanks to the added appeal of it specializing in natural and organic products. The company, backed by private equity firm Swander Pace, had first hit the auction block in late 2014.  Since then Hormel had reportedly been courting the company as a way to expand the breadth of its protein offerings.

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