John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) (hereinafter
the “Company” or “JBSS”) today announced that it has completed the
acquisition of certain assets and assumption of certain liabilities of
Orchard Valley Harvest, Inc. of Modesto, California (“OVH”).
Under terms of the agreement, JBSS paid $32.8 million in cash funded
from excess availability in the JBSS bank credit facility. JBSS may also
pay amounts of up to $10.5 million, contingent upon performance of the
acquired business for the 2010 and 2011 calendar years.
OVH is one of the nation’s leading suppliers of branded and private
label nut and dried fruit products in the produce category.
“The acquisition of OVH fulfills a key pillar in JBSS’ five year
strategic plan by significantly increasing our presence in the produce
section of food retailers,” said Jeffrey T. Sanfilippo, Chairman and CEO
of JBSS. “The perimeter of the store is where retailers have been
increasingly focusing their time and investment and where consumers have
more frequently been purchasing fruit and nut products. The acquisition
of OVH provides JBSS with meaningful product and packaging diversity and
significant access to one of the fastest growing channels for nut and
dried fruit products. According to consumer data, as reported by a major
market research firm, recent sales of nut and dried fruit products in
the produce section have grown faster than in other sections of food
retailers’ stores,” said Jeffrey T. Sanfilippo.
John B. Sanfilippo & Son, Inc. is one of the largest processors,
packagers, marketers and distributors of shelled and in-shell nuts and
nut related products in the United States. Its products are sold under a
variety of private labels and under the Company's Fisher®, Sunshine
Country®, Flavor Tree® and Texas PrideTM brand names.
John B. Sanfilippo & Son, Inc.
Michael J. Valentine