AdvancePierre Foods, a leading supplier of value-added, center-of-plate protein and sandwich products to foodservice, retail and convenience channels, today announced that it has entered into a definitive agreement to acquire the wholesale and manufacturing operations of Landshire Inc., a Caseyville, Ill.-based manufacturer of sandwich products.
“We are very excited about the recognized and established product platform and first-class facility that Landshire brings to our existing portfolio and network,” said John Simons, President and CEO of AdvancePierre. “We are eager to build upon the Trover family legacy and delighted to incorporate Landshire’s product capabilities for our customers across our broad sales channels. This acquisition underscores AdvancePierre’s commitment to innovation and quality as we continue to provide our customers with tasty and unique sandwiches and center-of-plate proteins solutions.”
Under the terms of the agreement, AdvancePierre will assume ownership of Landshire’s sandwich manufacturing operations, which produce more than 80 frozen, fully cooked products and feature a wide variety of sandwiches including patties, subs, wedges, breakfast offerings and specialty items. The products have a significant presence in foodservice, retail and convenience channels. The Trover family will retain its proprietary direct store delivery distribution network of more than 100 routes in 23 states – which will be known as “Landshire Distribution” after the acquisition closes – and has entered into a mutually beneficial distribution agreement with AdvancePierre.
The acquisition brings a new set of premium products to the AdvancePierre portfolio that will complement and increase its product offerings and thoroughly align with the channels it serves. Additionally, Landshire’s facilities will provide AdvancePierre with additional capacity for increased sandwich and bakery production. An industry leader in sandwich production, AdvancePierre currently produces approximately 2 million sandwiches a day. The addition of Landshire is expected to comprise more than 10 percent of AdvancePierre’s sandwich sales in 2015.
“The acquisition of Landshire’s wholesale and manufacturing operations further fortifies AdvancePierre’s market-leading position in providing sandwich solutions to our customers,” commented Matthew Wilson, Director of AdvancePierre’s board of directors and Co-Portfolio Manager at Oaktree Capital Management, L.P. “We continue to see a significant number of highly attractive, synergistic acquisition opportunities for our two core business lines – sandwiches and value-added protein solutions – and believe the company is well capitalized to fund future opportunities as they arise. We expect AdvancePierre to announce additional transactions this year based upon our current pipeline of prospective partners.”
Landshire’s Caseyville, Ill., manufacturing facility will be a part of the AdvancePierre family of operating facilities. AdvancePierre expects the transaction to close during the first quarter of 2015. Financial details of the transaction were not disclosed.
Source: AdvancePierre Foods