AdvancePierre Foods, a leading national producer and distributor of sandwiches, sandwich components and other entrées and snacks, announced it has completed the acquisition of Allied Specialty Foods Inc., a pioneering manufacturer of raw and cooked beef and chicken Philly steak products, from Steven Zoll, for $60 million in cash, subject to certain 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.”
Founded in 1956, Allied has been an innovative leader in the manufacturing of raw and fully-cooked Philly steak products for foodservice customers nationwide. Allied’s customer base is predominantly in the foodservice industry, which it currently serves from a 20,000-sq.-ft. manufacturing facility in Vineland, New Jersey, with two cook lines, three raw slicing lines and one breakaway steak line. In June 2016, the company began building a new 70,000-sq.-ft. facility with seven raw slicing/breakaway lines and four cook lines, which is expected to be completed during the first quarter of 2017.
“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. We continue to evaluate a significant number of highly attractive, synergistic acquisition opportunities on the horizon and believe AdvancePierre is well-positioned and capitalized to pursue future opportunities as they arise.”
Source: AdvancePierre Foods