Country Archer Provisions, a meat snack maker backed by Monogram Capital Partners, has ended its auction without a sale, CEO and co-founder Eugene Kang told Mergermarket.

First round bids were received last month, but the Centerview-led process did not advance to a second round, Kang said.

The auction for the San Bernadino, California-based premium jerky maker piqued private equity interest, but it did not produce an acceptable offer, Kang explained. Mergermarket previously reported that the process was slated to start in the second quarter.

No strategics participated in the auction; only sponsors considered acquiring Country Archer, according to a source familiar with the process. The jerky market is highly competitive and crowded with brands, the source noted.

Minong, Wisconsin-based Link Snacks is the largest player in the space, the source and Kang agreed. An auction for Insignia-backed Tillamook Country Smoker, which Houlihan Lokey advised, busted late last year after its contract manufacturing business with Beyond Meat [NASDAQ:BYND] showed disappointing results, they added. But premium brands are growing quicker, the source said, citing Chomps as an example.

Earlier this year, No Man’s Land Foods, another premium meat snacks brand, was acquired by private investment firm Bansk for terms that were not disclosed. No Man’s Land is viewed as a high-quality asset in the jerky space, the source said.

Last year, Country Archer received unsolicited inbound interest from a strategic, which is what led to it hiring Centerview for a sale, according to Kang. The strategic did not participate in the auction, he added.

A second source familiar with the process said Country Archer generates around USD 14m in EBITDA and USD 151m in annual revenue.

Better-than-expected business led it to adjust EBITDA forecasts to between 30% and 50% higher than USD 14m by year end, Kang said.

The 120-employee company is capital efficient and expects to grow revenue by more than 50% year over year in 2024, he added.

An initial public offering is not under consideration.

“There is no real incentive on our part to do anything,” Kang said.

Centerview and Monogram Capital did not respond to messages seeking comment.