BONDUELLE to acquire Ready Pac Foods, the US leader of single-serve salads bowls
23 Février 2017 - 7:00PM
BONDUELLE
A French SCA
(Partnership Limited by Shares) with a capital of 56,000,000
Euros
Head Office: La Woestyne 59173 Renescure,
France
Registred under number: 447 250 044
(Dunkerque Commercial and Companies Register)
Villeneuve d'Ascq, France,
23rd of February
2017 - Information Release
Bonduelle to
acquire Ready Pac Foods,
the US leader of single-serve salads bowls
Bonduelle, the world leader of
ready-to-eat vegetables, present in canned, frozen, fresh cut and
delicatessen has executed an agreement to acquire Ready Pac Foods,
the U.S. market leader in single serve salad bowls.
Based in California, Ready Pac
Foods is the #1 producer of single-serve salad bowls in the U.S.
through its Bistro Bowl® suite of products and its legacy of
innovation and culinary expertise. Ready Pac Foods is also a
producer of fresh-cut produce, offering packaged salads, fresh-cut
fruits, and mixed vegetables to its retail and foodservice
customers. With 4 production facilities located in Irwindale (CA),
Jackson (GA), Florence and Swedesboro (NJ), and employs about 3,500
full-time employees. Ready Pac Foods generates approximately $800m
of revenues, with a national presence in the U.S. and a wide
customer base.
This milestone transaction is a
key step in Bonduelle's strategic ambition VegeGo! 2025 of being
"the world reference in "well living" through vegetable products".
This acquisition will strengthen Bonduelle's international
footprint and dramatically change its profile, making the U.S. the
largest country of operations, continuing a longstanding track
record of successful acquisitions in North America, in particular
Aliments Carrière, Canada, in 2007 and Allens, USA in 2012, and the
fresh category, its first business segment. This transaction will
also offer new opportunities to Ready Pac Foods business partners
and deliver significant value to Bonduelle's shareholders.
This acquisition, which is fully
compatible with Bonduelle's strong financial profile, perfectly
fits with its strategic plan and will strengthen its leadership
positions in its core business lines:
-
development of Bonduelle's business in the
consumer convenience and healthy food segments,
-
increasing presence in the fast growing segment
of fresh prepared vegetables,
-
reinforcement of footprint in North America, of
a size, post transaction, equivalent to the European Union in
Bonduelle's geographical portfolio.
Ready Pac Foods will become
Bonduelle 5th's business
unit, dedicated to the Fresh business in the Americas, along with
Bonduelle Long Life Europe (BELL), Bonduelle Fresh Europe (BFE),
Bonduelle Eurasia Markets (BEAM) and Bonduelle Americas (BAM), the
latter being devoted to canned and frozen vegetables in Americas,
from North to South.
Christophe Bonduelle, Bonduelle's
Chairman and CEO, said: "We welcome all of the Ready Pac Foods
employees into the Bonduelle family. We look forward to working
with the highly skilled and successful Ready Pac Foods management
team in bringing together two great companies in the vegetal food
industry. This acquisition shows Bonduelle's ambition to further
develop as a global leader in its markets and strengthen its
positions in the consumer convenience and health segments to meet
consumers' needs."
"We are thrilled to partner
with market leader Bonduelle in our next Chapter of growth and feel
we will be right at home within the Bonduelle family of companies,"
said Ready Pac Foods CEO, Tony Sarsam. "Beyond common business
goals, both companies share a common purpose - to help people live
healthier lives through innovative fresh food products. I am
enthusiastic about Bonduelle's investment in our growth strategy
and for the great success we will achieve together."
Crédit Agricole CIB and Willkie
Farr & Gallagher acted as financial and legal advisors to
Bonduelle in connection with the transaction.
Harris Williams & Co. and
Skadden, Arps, Slate, Meagher & Flom acted as financial and
legal advisors to Ready Pac Foods.
Further information on the
transaction will be communicated with half-year results, on March
2, 2017.
IR Contacts:
BONDUELLE - finance@bonduelle.com
Press Contacts / Public relations
agency:
Benjamin ZEHNDER - RP carrées - Tel:
+33.(0)6.76.41.18.19
Email: benjamin.zehnder@rp-carrees.com
Vanessa VAZZAZ - RP carrées - Tel:
+33.(0)3.28.52.07.42 / M : +33.(0)6.34.32.24.23
Email: vanessa.vazzaz@rp-carrees.com
About Bonduelle
Bonduelle, a family business, was established in
1853. Its mission is to be the world reference in "well-living"
through vegetable products. Prioritizing innovation and long-term
vision, the group is diversifying its operations and geographical
presence. Its vegetable, grown over 128.000 hectares all over the
world, are sold in 100 countries under various brand names and
through various distribution channels and technologies. Expert in
agro-industry with 54 industrial sites or own agricultural
production, Bonduelle produces quality products by selecting the
best crop areas close to its customers.
Bonduelle is listed on Euronext compartment
B
Euronext indices: CAC MID & SMALL - CAC ALL
TRADABLE - CAC ALL SHARES
Bonduelle is part of the Gaïa non-financial
performance index and employee shareholder index
(I.A.S.)
Code ISIN : FR0000063935 - Code Reuters : BOND.PA
- Code Bloomberg : BON FP
About Ready Pac Foods
Home of the original Bistro Bowl® complete meal
salad, Southern California-based Ready Pac Foods has been giving
people the freedom to eat healthier for nearly 50 years as a
premier producer of convenience fresh foods and fresh cut produce.
With processing facilities throughout the United States, Ready Pac
Foods manufactures a complete range of products featuring fresh
produce and protein under the company's Bistro®, Ready Snax®, Cool
Cuts® and elevAte(TM) brands. Offerings include fresh-cut salads,
fruits, vegetables, snacking and complete meals available where
consumers buy groceries and in restaurant chains across North
America.
CP Bonduelle - Ready Pac Foods
GB
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BONDUELLE via Globenewswire
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