John B. Sanfilippo & Son, Inc. Completes Acquisition of Snack Bar Assets from TreeHouse Foods
29 Setembro 2023 - 5:10PM
Business Wire
John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the
“Company”) today announced that it has completed the
previously-announced acquisition of certain assets, including
inventory, a manufacturing facility located in Lakeville,
Minnesota, and customer relationships, from TreeHouse Foods, Inc.
(NYSE: THS) relating to its snack bars business for approximately
$61.3 million in cash. The purchase price included approximately
$37.3 million of inventory.
“This is a momentous day for our Company as we close the largest
and most transformational acquisition in our history. This
acquisition significantly accelerates our product diversification
strategy and allows us to offer our private label customers a
complete offering of snack bars,” stated Jeffrey T. Sanfilippo,
Chief Executive Officer of the Company. “I would like to officially
welcome the approximately 400 employees of the Lakeville facility
to the JBSS family. We look forward to working with this talented
team to profitably grow the snack bar business and deliver
long-term shareholder value.”
The purchase price for the acquisition was funded from
borrowings under the Company’s amended credit facility. The Company
recently increased the borrowing capacity under the credit facility
to $150 million from $117.5 million to provide for the short-term
working capital requirements of the acquired business.
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 operate and integrate the acquired snack bar related
assets of TreeHouse and realize efficiencies and synergies from
such acquisition.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230929128285/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
John B Sanfilippo and Son (NASDAQ:JBSS)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
John B Sanfilippo and Son (NASDAQ:JBSS)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024