AdvancePierre Foods To Acquire Landshire Wholesale And Manufacturing Operations

CINCINNATI -- AdvancePierre Foods said it has entered into a definitive agreement to acquire the wholesale and manufacturing operations of Landshire Inc., a Caseyville, IL-based sandwich manufacturer. Cincinnati-based AdvancePierre expects the transaction to close during the first quarter of 2015. Financial terms were not disclosed.

AdvancePierre will assume ownership of Landshire's manufacturing operations, which produce more than 80 frozen, fully cooked products. These include sandwich patties, subs, wedges and breakfast items sold in vending, foodservice, retail and c-stores.

The Trover family, which owns and operates Landshire, will retain its direct store delivery distribution network of 100-plus routes in 23 states. That business will be known as Landshire Distribution after the acquisition closes and has entered into a distribution agreement with AdvancePierre.

AdvancePierre said the acquisition brings a new set of premium products to its portfolio that align with the channels it serves. Additionally, Landshire's facilities will provide increased capacity for increased sandwich and bakery production. AdvancePierre currently produces approximately 2 million sandwiches a day.

The addition of Landshire is expected to represent more than 10% of AdvancePierre's sandwich sales in 2015.

AdvancePierre expects to announce additional acquisitions this year, according to Matthew Wilson, director of AdvancePierre's board. Wilson is a co-portfolio manager at Oaktree Capital Management L.P., the Los Angeles-based investment firm that is the majority shareholder of AdvancePierre Foods.