CINCINNATI -- AdvancePierre Foods, one of the industry’s top producers and distributors of sandwiches, sandwich ingredients, entrees and snacks to convenience stores, has acquired Allied Specialty Foods Inc. Allied is a manufacturer of raw and cooked beef and chicken Philly steak products.
AdvancePierre funded the $60 million purchase price in cash; the deal is subject to various post-closing adjustments.
“We are pleased to add Allied’s synergistic product platform and unique capabilities to our existing portfolio and network,” said John Simons, president and CEO of AdvancePierre. “The Philly steak category is primed for growth, and this acquisition strengthens our position, brings us additional products and production capacity, and expands our geographic reach.”
AdvancePierre also said that this acquisition opens a new growth channel for the company via fully cooked foods. “The addition of Allied further expands AdvancePierre’s market-leading position in the Philly steak platform by providing entry into fully cooked product offerings,” said Dean Hollis, chairman of the AdvancePierre board of directors. “The transaction is a great example of AdvancePierre’s strategy of strengthening and growing its core business through disciplined, accretive acquisitions.
Cincinnati-based AdvancePierre Foods offers a broad line of products to c-stores and other foodservice operations across all dayparts, including ready-to-eat sandwiches, such as breakfast sandwiches, peanut butter and jelly sandwiches and hamburgers; sandwich components, such as fully cooked hamburger and chicken patties, and Philly steaks; and other entrees and snacks, such as country-fried steak, stuffed entrées, chicken tenders and cinnamon dough bites.
Allied Specialty Foods Inc. is based in Vineland, N.J.
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