Lifeway Foods Completes Acquisition of Certain GlenOaks Farms’ Assets
18 Agosto 2021 - 5:30PM
Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”),
the leading U.S. supplier of kefir and fermented probiotic products
to support the microbiome, announced today that it has completed
the acquisition of certain assets of the privately-held,
California-based GlenOaks Farms, Inc., a respected and pioneering
probiotic drinkable yogurt brand founded in 1984. The all-cash
transaction is for certain GlenOaks Farms assets with a purchase
price of $5.8m subject to other adjustments as provided by the
agreement. GlenOaks Farms’ unaudited annual gross sales in 2020 was
approximately $6.9 million.
“We are energized and ready to integrate the GlenOaks Farms
brand into the Lifeway family of brands as part of our strategy to
dominate the probiotic drinkables category,” remarked Lifeway
president and CEO Julie Smolyansky. “This acquisition gives us
regional strength in the West to accompany our Fresh Made brand in
the East and the dominant national presence of Lifeway. We will
continue to expand our shelf space to offer customers the best
selection of kefir, probiotic drinkable yogurt and farmer cheese
through these verticals. The potential R&D, transportation and
operational benefits made possible by this transaction will help
Lifeway grow and support our mission to make the highest quality
probiotic products accessible to all and further democratize
healthy eating.”
- The acquisition is anticipated to be accretive to earnings per
share.
- Lifeway plans to leverage existing selling and administrative
infrastructure to increase cash flow from operations upon
acquisition.
- Lifeway sees the
opportunity to expand GlenOaks to retailers and channels that have
not yet been served.
- As the leader in the
U.S. drinkable kefir market, Lifeway now has increased portfolio
diversification with entry into the probiotic drinkable yogurt
market, which will be supported by the brand’s existing strength in
probiotic drinkables.
- GlenOaks already has
strong distribution in California and the West at Albertsons,
Safeway, Lucky, Raley’s and more. Lifeway plans to ramp up
marketing efforts to expand consumer demographics and reach more
communities with GlenOaks products.
Lifeway recently announced that revenue growth surged 16.6% in
the second quarter of 2021, marking its 7th consecutive
quarter-over-quarter increase. Health and wellness through
nutrition has been at the forefront of consumers’ minds, and a
recent study has suggested that kefir may limit proinflammatory
cytokines in COVID-19 patients. The growth of scientific interest
in fermented foods and their impact on microbiome diversity was
reported on recently by the New York Times in an article that
reinforces the renewed interest in probiotic dietary staples such
as kefir and yogurt. Further, this acquisition of a
California-based brand dovetails with Lifeway’s strategic plan to
continue sales growth and expand shelf presence in California and
the West, as research shows there is an the increased consumer
focus on local and regionally produced products.
About GlenOaks Farms, Inc.GlenOaks Farms is
known as a pioneer in California’s better-for-you foods space,
introducing their first drinkable yogurt in 1984. Since then, the
company has been working to bring the most delicious probiotic
drinkable yogurt to a growing number of loyal customers in
California and beyond. As a regional leader in probiotic
drinkables, GlenOaks Farms has a proud legacy and commitment to
quality. Learn more at glenoaksyogurt.com.
About Lifeway Foods,
Inc. Lifeway Foods, Inc., which has
been recognized as one of Forbes' Best Small Companies, is
America's leading supplier of the probiotic, fermented beverage
known as kefir. In addition to its line of drinkable kefir, the
company also produces cheese and a ProBugs line for kids. Lifeway's
tart and tangy fermented dairy products are now sold across the
United States, Mexico, Ireland, France and the United
Kingdom. Learn how Lifeway is good for more than just you
at lifewayfoods.com.
Forward-Looking Statements This release (and
oral statements made regarding the subjects of this release)
contains “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, future operating and financial performance, product
development, market position, business strategy and objectives.
These statements use words, and variations of words, such as
“continue,” “build,” “future,” “increase,” “drive,” “believe,”
“look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” and
“predict.” Other examples of forward looking statements may
include, but are not limited to, (i) statements of Company plans
and objectives, including the introduction of new products, or
estimates or predictions of actions by customers or suppliers, (ii)
statements of future economic performance, and (III) statements of
assumptions underlying other statements and statements about
Lifeway or its business. You are cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events and thus are inherently subject to
uncertainty. If underlying assumptions prove inaccurate or known or
unknown risks or uncertainties materialize, actual results could
vary materially from Lifeway’s expectations and projections. These
risks, uncertainties, and other factors include: price competition;
the decisions of customers or consumers; the actions of
competitors; changes in the pricing of commodities; the effects of
government regulation; possible delays in the introduction of new
products; and customer acceptance of products and services. A
further list and description of these risks, uncertainties, and
other factors can be found in Lifeway’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2020, and the Company’s
subsequent filings with the SEC. Copies of these filings are
available online at https://www.sec.gov,
http://lifewaykefir.com/investor-relations/, or on request from
Lifeway. Information in this release is as of the dates and time
periods indicated herein, and Lifeway does not undertake to update
any of the information contained in these materials, except as
required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY
OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY
ARCHIVED PRESS RELEASE.
Media:Derek Miller Vice President of Communications,
Lifeway FoodsEmail: derekm@lifeway.net
For general Lifeway Foods inquiries:info@lifeway.netPhone:
847-967-1010
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed938380-fd05-436c-a8ba-ab338c3107e6
Lifeway Foods (NASDAQ:LWAY)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Lifeway Foods (NASDAQ:LWAY)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024