John B. Sanfilippo & Son, Inc. To Acquire Assets from TreeHouse Foods
06 Setembro 2023 - 7:55AM
Business Wire
Acquisition to Expand Capabilities and
Product Offerings Within Snack Bar Category
John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the
“Company”) today announced that it has signed a definitive
agreement to acquire certain assets, including a manufacturing
facility located in Lakeville, Minnesota, and customer
relationships, from Treehouse Foods, Inc. (NYSE: THS) relating to
its snack bars business unit for approximately $63.0 million
dollars in cash, subject to certain adjustments.
“This acquisition significantly accelerates our strategy within
the growing snack bar category and diversifies our product
offerings. We will be able to offer our private label customers a
complete portfolio of snack bars, including fruit and grain,
crunchy, protein, sweet and salty and chewy bars that complement
our internally developed nutrition bars,” stated Jeffrey T.
Sanfilippo, Chief Executive Officer of John B. Sanfilippo &
Son. “We are excited about the opportunity to work with the
talented team of associates in the Lakeville facility to grow the
bar business together. We have a decades-long history of
operational excellence and will implement a plan to integrate the
facility and business into our current operations. In doing so, we
will focus on our core operational competencies in the snack foods
space, our consumer insights and history of innovative research and
development to maximize its performance.”
The acquisition of this bars business unit is anticipated to add
approximately $105 to $120 million in incremental net sales during
the remainder of our 2024 fiscal year. The transaction is expected
to be dilutive to earnings per share for the next twelve to fifteen
months after the closing of the acquisition. The expected dilution
for the remainder of our 2024 fiscal year is currently forecasted
to range between $0.80 to $1.00 per diluted share based on current
operating performance, taking into account incremental
acquisition-related costs including interest expense. This range
does not include the benefit of, among other things, anticipated
synergies, operational efficiencies or other accounting gains (if
at all) within this timeframe.
The purchase price for the acquisition will be funded from
excess availability under our current bank credit facility. The
acquisition is expected to close within the next 30 days, subject
to customary closing conditions.
About John B. Sanfilippo & Son, Inc. Based in Elgin,
Illinois, John B. Sanfilippo & Son, Inc. is a processor,
packager, marketer and distributor of snack bars, dried cheese, and
nut & dried-fruit based products that are sold under the
Company’s Fisher ®, Orchard Valley Harvest ®, Squirrel Brand ®,
Southern Style Nuts ® and Just the Cheese ® brand names and under a
variety of private brands.
Additional information, including John B. Sanfilippo & Son,
Inc.’s most recent statements on forms 10-Q and 10-K, may be found
at jbssinc.com
About TreeHouse Foods TreeHouse Foods, Inc. is a leading
private label food and beverage manufacturer in North America.
TreeHouse’s purpose is to engage and delight – one customer at a
time. Through TreeHouse’s customer focus and category experience,
TreeHouse strives to deliver excellent service and build
capabilities and insights to drive mutually profitable growth for
TreeHouse and their customers. TreeHouse’s purpose is supported by
investment in depth, capabilities and operational efficiencies,
which are aimed to capitalize on the long-term growth prospects in
the categories in which they operate.
Additional information, including TreeHouse Foods' most recent
statements on forms 10-Q and 10-K, may be found at
treehousefoods.com
Forward Looking Statements Some of the statements in this
release are forward-looking. These forward-looking statements may
be generally identified by the use of forward-looking words and
phrases such as “will”, “intends”, “may”, “believes”,
“anticipates”, “should” and “expects” and are based on the
Company’s current expectations or beliefs concerning future events
and involve risks and uncertainties. Consequently, the Company’s
actual results could differ materially. The Company undertakes no
obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information,
future events or other factors that affect the subject of these
statements, except where expressly required to do so by law. Among
the factors that could cause results to differ materially from
current expectations are: (i) sales activity for the Company’s
products, such as a decline in sales to one or more key customers,
or to customers generally, in some or all channels, a change in
product mix to lower price products, a decline in sales of private
brand products or changing consumer preferences, including a shift
from higher margin products to lower margin products; (ii) changes
in the availability and costs of raw materials and ingredients and
the impact of fixed price commitments with customers; (iii) the
ability to pass on price increases to customers if commodity costs
rise and the potential for a negative impact on demand for, and
sales of, our products from price increases; (iv) the ability to
measure and estimate bulk inventory, fluctuations in the value and
quantity of the Company’s nut inventories due to fluctuations in
the market prices of nuts and bulk inventory estimation
adjustments, respectively; (v) the Company’s ability to
appropriately respond to, or lessen the negative impact of,
competitive and pricing pressures; (vi) losses associated with
product recalls, product contamination, food labeling or other food
safety issues, or the potential for lost sales or product liability
if customers lose confidence in the safety of the Company’s
products or in nuts or nut products in general, or are harmed as a
result of using the Company’s products; (vii) the ability of the
Company to control costs (including inflationary costs) and manage
shortages in areas such as inputs, transportation and labor; (viii)
uncertainty in economic conditions, including the potential for
inflation or economic downturn; (ix) the timing and occurrence (or
nonoccurrence) of other transactions and events which may be
subject to circumstances beyond the Company’s control; (x) the
adverse effect of labor unrest or disputes, litigation and/or legal
settlements, including potential unfavorable outcomes exceeding any
amounts accrued; (xi) losses due to significant disruptions at any
of our production or processing facilities or employee
unavailability due to labor shortages; (xii) the ability to
implement our Long-Range Plan, including growing our branded and
private brand product sales, diversifying our product offerings
(including by the launch of new products) and expanding into
alternative sales channels; (xiii) technology disruptions or
failures or the occurrence of cybersecurity incidents or breaches;
(xiv) the inability to protect the Company’s brand value,
intellectual property or avoid intellectual property disputes; (xv)
our ability to manage the impacts of changing weather patterns on
raw material availability due to climate change; and (xvi) our
ability to consummate the acquisition of certain snack bar related
assets of TreeHouse and integrate and operate such assets after the
acquisition.
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version on businesswire.com: https://www.businesswire.com/news/home/20230906852725/en/
Company: Frank S. Pellegrino Chief Financial
Officer 847-214-4138
Investor Relations: John Beisler or Steven Hooser
Three Part Advisors, LLC 817-310-8776
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