AdvancePierreTM Foods to Acquire Manufacturing Assets of Better Bakery
AdvancePierre Foods (“AdvancePierre”), a leading supplier of value-added protein and sandwich solutions to foodservice, retail and convenience channels, today announced that it will acquire the manufacturing assets of Better Bakery, LLC (“Better Bakery”), a Valencia, Calif.-based manufacturer of premium stuffed sandwiches. Production will be relocated to AdvancePierre’s facility in Caseyville, Ill., a sandwich manufacturing operation the company acquired last month from Landshire, Inc.
“We are eager to incorporate another high growth, strategic acquisition into the AdvancePierre portfolio,” said John Simons, President and CEO of AdvancePierre. “Stuffed handheld sandwiches are the largest category in the frozen sandwich market, and Better Bakery is driving the lion’s share of the growth in this category. Its choice-ingredient, premium-price product portfolio is comprised of sandwiches for all eating occasions, which is pivotal for us as we aggressively grow our leadership position as the nation’s No. 1 provider of sandwiches for lunch, dinner and snacking and look to close the gap between AdvancePierre and the leading breakfast sandwich brand.”
Better Bakery produces high quality, stuffed sandwiches and other licensed products including Pretzel Melts, Skinny Melts and Breakfast Melts. It will expand AdvancePierre’s presence in on-trend, clean label products, enabling new distribution and market penetration with premium and natural food customers across its foodservice, retail and convenience channels.
Founded in 2010, Better Bakery has achieved tremendous growth under CEO and co-founder Bryan Freeman. Freeman will continue at AdvancePierre in his new role as Vice President, Premium and Natural Handhelds.
“Bryan will be a great asset to our team, and, together, we’re excited for the growth that lies ahead as we integrate Better Bakery into the AdvancePierre platform,” Simons noted. “The Caseyville manufacturing footprint that we acquired from Landshire last month provides a highly synergistic solution for Better Bakery’s products and provides significant capacity to support future growth. This combination takes advantage of our leveraged buy in meat and cheese proteins, internal slicing capability, central distribution footprint and expansive logistics infrastructure to existing AdvancePierre customers.”
Dean Hollis, Chairman of AdvancePierre and Advisor to AdvancePierre’s majority shareholder in funds managed by Oaktree Capital Management, L.P. added: “AdvancePierre’s recent acquisitions are yet another step in our multifaceted growth agenda. An aggressive acquisition plan, coupled with a robust innovation agenda that builds on three consecutive years of double-digit growth in our sandwich platform, demonstrates our commitment to being the go-to growth company for our customers and strategic partners.”
AdvancePierre expects to close the Better Bakery acquisition in the second quarter of 2015. The company’s recent acquisition of Landshire closed on January 30, 2015.
Houlihan Lokey served as financial advisor to Better Bakery in the transaction.
About AdvancePierre Foods
AdvancePierreTM Foods, Inc., headquartered in Cincinnati, Ohio, is a nationally recognized manufacturer and marketer of value-added proteins and sandwich products to a wide variety of distribution outlets including foodservice, retail and convenience store providers. With revenues of $1.6 billion and more than 4,000 employees, AdvancePierre offers a broad line of packaged sandwiches; fully cooked beef, chicken, and pork products; uncooked meat items such as Philly-style steak, breaded beef and stuffed chicken entrees; and bakery products that are all produced from high-quality ingredients and provide unparalleled taste, convenience and value to both operators and their patrons. Funds managed by Oaktree Capital Management, L.P., a Los Angeles-based investment firm, is the majority shareholder of AdvancePierre Foods.
Oaktree Capital Group, LLC (NYSE:OAK) is a leader among global investment managers specializing in alternative investments, with $90.8 billion in assets under management as of December 31, 2014. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
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