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Issue Date: Vol. 50, No. 10, October 2010, Posted On: 10/5/2010


Pierre Finalizes Advance Merger To Establish $1.3B Company


Tim Sanford
Editor@vendingtimes.net
Advance Pierre Foods, AdvancePierre Foods, Pierre Foods Inc, Advance Food Co. Inc., Advance Brands LLC, vending, vending machine, vending machine business, vending foods, sandwiches, food service supplies, vending supplies, Bill Toler

CINCINNATI OH -- Pierre Foods, Advance Food Co. and Advance Brands have closed on their merger, which creates AdvancePierre Foods [see story]. The combined entity has approximately $1.3 billion in net sales.

The new AdvancePierre Foods organization supplies value-added protein and handheld convenience products to the vending, foodservice, school, retail, club and convenience store markets. It offers a full line of packaged sandwiches, fully cooked chicken and beef products, Philly-style steak, breaded beef, pork and poultry, and bakery products.

Headquartered in Cincinnati, AdvancePierre Foods operates protein-processing facilities in Oklahoma, Ohio and Iowa, as well as sandwich-assembly facilities in North Carolina, Ohio and South Carolina. The company also runs bakeries in North Carolina and Oklahoma.

Bill Toler, who has been chief executive of Pierre Foods, becomes chief executive of the new company. The management team for AdvancePierre Foods includes executives from all three companies.

Credit Suisse, Barclays Capital, Morgan Stanley, BMO Capital Markets and Deutsche Bank led the financing syndication. More than 75 lenders are part of the syndicate and normal working capital needs will be satisfied with a senior secured revolving credit facility supplied by Wells Fargo. AdvancePierre Foods is owned by funds managed by Oaktree Capital Management LP, current Advance shareholders and members of the company's leadership team.


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