Tyson Foods, Inc. has completed the acquisition of AdvancePierre Foods Holdings, Inc. in a transaction valued at approximately $4.2 billion, the company said June 7. The deal was first announced in April.
Based in Cincinnati, AdvancePierre manufactures ready-to-eat sandwiches, entrees and snacks. The company employs approximately 4,500 and generated revenues of $1.6 billion in 2016. The acquisition is expected to strengthen Tyson Foods’ position in the market for prepared foods. Through its Hillshire Brands acquisition, Tyson already owns such brands as Hillshire Farm, Jimmy Dean and Ball Park.
“AdvancePierre is a natural, strategic fit that will extend our capabilities in new and growing food categories,” said Tom Hayes, president and chief executive officer of Tyson Foods. “We expect the acquisition to immediately contribute to earnings and are also confident it will result in cost synergy benefits of $200 million within three years.”
Tyson Foods completed a tender offer to buy all outstanding shares of common stock of AdvancePierre for $40.25 per share in cash without interest. Now a wholly owned subsidiary of Tyson Foods, AdvancePierre’s shares will cease to be traded on the New York Stock Exchange.
By Monica Watrous
Source: Food Business News
Paine Schwartz Partners has closed on a Paine Schwartz Food Chain Fund VI, L.P. at $1.7 billion. The fund is aimed at investing in the food and agribusiness value chain. The company has invested about 40% of Fund VI in AgroFresh Solutions, Costa Group, Elemental Enzymes, HGS BioScience and Monterey Mushrooms.
After 26 years in Geneva, Switzerland, the decision to move has been made after visitor and exhibitor feedback, as well as growth plans for the Vitafoods brand. Vitafoods Europe 2025 will be held on 20-22 May 2025 at Fira Barcelona, with more details to be announced next year.
The traditional symbol of family reunion and cultural pastry of Asia is undergoing a reinvention. With the majority of young consumers in Asia expressing an increasing interest in healthier options, a growing market for mooncakes tailored to dietary preferences and restrictions is opening up across the globe.