FrieslandCampina Acquires U.S. Cheese Importer Jana Foods
The Dutch Royal FrieslandCampina N.V., a global dairy company, has announced the acquisition of U.S.-based importer and distributor Jana Foods. The acquisition will further strengthen FrieslandCampina’s position in supplying Dutch specialty cheese to the U.S. consumer.
“This acquisition supports our strategy of investing for growth. This investment is in line with our strategy to grow our cheese business and strengthens our position in the Americas. This deal will allow us to offer consumers a wider portfolio of innovative products for the U.S. market,” said Roel van Neerbos, President, FrieslandCampina Consumer Dairy.
Jana Foods imports and markets FrieslandCampina’s Dutch cheese in the United States, along with other fine cheeses from the U.K., Denmark, Australia, Ireland and other countries. The company has been an important strategic partner of FrieslandCampina in the United States for many years. The partnership has helped establish a strong position for FrieslandCampina’s international cheese with the distribution of Kroon, A Dutch Masterpiece and Gayo Azul cheese brands.
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FrieslandCampina products cover a wide range specialty imported Dutch cheeses from mild, aged and smoked Gouda to Edam. Swiss Emmental and goat cheese also belong to the assortment. Available in a variety of formats from wheels, loaves and wedges to slices, snacks and shaved. FrieslandCampina specialty cheese brands can be found across the United States in the deli section of supermarkets, club stores and mass merchandisers.
Jana Foods will be integrated into the FrieslandCampina Consumer Dairy U.S.A. business. Dan Lynch, former owner and chief executive officer of Jana Foods will remain involved in the business as Vice President Imports and Senior Commercial Advisor. Financial details about this transaction will not be disclosed.
UNFI Announces Sale of SUPERVALU’S Hornbacher’s Stores
United Natural Foods, Inc.’s newly acquired subsidiary, SUPERVALU INC., has entered into a definitive agreement whereby Coborn’s Inc. will acquire seven Hornbacher’s locations, as well as Hornbacher’s newest store currently under development in West Fargo, North Dakota.
“The sale of Hornbacher’s to Coborn’s is an ideal outcome for our associates and the Fargo-Moorhead community,” said Sean Griffin, SUPERVALU Chief Executive Officer. “As we previously discussed, our strategy is to focus on the wholesale business going forward, so finding a strategic buyer for Hornbacher’s with continued supply opportunity was a top priority. Coborn’s is a long-standing SUPERVALU wholesale customer and we’re excited that they will carry on the Hornbacher’s name and tradition of quality products and service.”
The transaction is currently expected to close before December 25, 2018, subject to customary closing conditions. As part of the sale, Coborn’s plans to retain the Hornbacher’s name and will enter into a long-term agreement for SUPERVALU to serve as the primary supplier of the Hornbacher’s locations. As well, SUPERVALU will enter into an expanded supply relationship with Coborn’s. Both of these supply agreements will include minimum purchase requirements.
The holistic methodology allows for a chiropractor to help design a regimen that not only reduces the life expectancy but also 100mg viagra professional purchasing that damages almost every organ of the human body. Our bodies produce super generic viagra nitric oxide, which helps in blood formation. However, working best price on viagra through such issues with a partner can increase, which then just creates more tension. Be gentle with the little ones! When you say your affirmations, stand in front of a mirror and check for any swelling on the scrotal skin. viagra uk shop “We appreciate the tremendous service of our associates and their unwavering dedication to our customers through the years,” said Anne Dament, SUPERVALU Executive Vice President, Retail, Marketing and Private Brands. “I know the store teams and staff will do an amazing job supporting Coborn’s and continuing to make Hornbacher’s a popular choice for the local community going forward.”
Hornbacher’s first opened as Ted’s SUPERVALU in Moorhead, Minnesota, by Ted Hornbacher in 1951. SUPERVALU acquired the banner in 1975, which now operates eight locations in the Fargo-Moorhead area and Grand Forks, North Dakota. Throughout its history, Hornbacher’s has driven to have the highest quality and freshest perishable products as well as to be an active part of the Fargo-Moorhead community through support of many civic, educational, arts and non-profit organizations.
The Hornbacher’s store in Grand Forks, North Dakota is not included in the sale to Coborn’s and will close. Liquidation will begin at the store on Monday, December 3 and will close as the inventory liquidation is complete.
UNFI Completes Acquisition Of SUPERVALU
United Natural Foods, Inc. has completed its previously announced acquisition of SUPERVALU INC. for $32.50 per share in cash, or approximately $2.9 billion, including the assumption of outstanding debt and liabilities. The completion follows the satisfaction of all closing conditions including approval of the transaction by SUPERVALU shareholders and receipt of all necessary antitrust approvals. In connection with the completion of the transaction, SUPERVALU’s common stock ceased trading prior to market open on October 22, 2018 and will be delisted from the New York Stock Exchange.
“Today is an important milestone for UNFI. We will take the best from both businesses to create North America’s premier food wholesaler with significant scale, reach and choices for our customers. We are pleased to welcome our new colleagues from SUPERVALU as well as their customers and suppliers to UNFI. Our companies share customer-centric cultures and dedicated associates who are committed to continuous improvement, which will help drive our integration programs,” said Steve Spinner, UNFI’s Chairman and Chief Executive Officer.
“We are excited to continue to further build out the store to a more diverse customer base across the country, with both broad better-for-you natural, organic brands and fresh perimeter offerings, as we capitalize on opportunities to cross-sell and realize the benefits of the greater scale we now have as a combined company,” said Sean Griffin, Chief Executive Officer of SUPERVALU and Head of the Integration Committee. “Work has already begun for the company to realize the significant projected run-rate cost synergies associated with this transaction – more than $175 million by year three and more than $185 million by year four – and we are committed to improving profitability into the future. We believe that we can achieve these targets and leverage scalable systems to streamline our processes, more efficiently meet the needs of our customers and reduce future capital expenditures. We look forward to providing an update on our integration efforts at our January 16, 2019 investor day.”
Executive Leadership Team
UNFI’s Chairman and Chief Executive Officer Steve Spinner will lead the combined entity, supported by the following executives, who will continue to report to him:
- Chris Testa, President of UNFI
- Danielle Benedict, Chief Human Resources Officer
- Eric Dorne, Chief Administrative Officer & Chief Information Officer
- Paul Green, Chief Supply Chain Officer
- Jill Sutton, Chief Legal Officer, General Counsel & Corporate Secretary
- Mike Zechmeister, Chief Financial Officer
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Sean Griffin, previously UNFI’s Chief Operating Officer, will serve as Chief Executive Officer of SUPERVALU and Head of the Integration Committee. This committee includes executives from both companies to drive the implementation of best practices from each company and delivery of synergies as well as a rapid and smooth integration. The following executives will support the SUPERVALU business operations and report directly to Sean Griffin:
- Anne Dament, EVP Retail, Marketing and Private Brands
- Mike Stigers, EVP Wholesale
Financing the Transaction
As previously noted, the transaction will be primarily debt financed. UNFI finalized new credit facility agreements including a $2.1 billion asset-based revolving credit facility, up to $1.475 billion of which is available at closing, and a $1.950 billion senior secured first lien term loan facility agreement consisting of a $1.8 billion term loan “B” tranche and a $150 million 364-day tranche. In addition, UNFI’s existing asset-based revolving credit facility was terminated upon close.
