AdvancePierre Acquiring Landshire Operations
CINCINNATI — AdvancePierre Foods will acquire the wholesale and manufacturing operations of Caseyville, Ill.-based sandwich products manufacturer Landshire Inc.
"We are very excited about the recognized and established product platform and first-class facility that Landshire brings to our existing portfolio and network," said AdvancePierre President and CEO John Simons. "We are eager to build upon the Trover family legacy and delighted to incorporate Landshire's product capabilities for our customers across our broad sales channels. This acquisition underscores AdvancePierre's commitment to innovation and quality as we continue to provide our customers with tasty and unique sandwiches and center-of-plate protein solutions."
Under the terms of the agreement, AdvancePierre will assume ownership of Landshire's sandwich manufacturing operations, which produce more than 80 frozen, fully cooked products and feature a wide variety of sandwiches including patties, subs, wedges, breakfast offerings and specialty items, according to the announcement. These products have a significant presence in the foodservice, retail and convenience channels.
Additionally, Landshire's Caseyville manufacturing facility will become part of the AdvancePierre family of operating facilities.
"The acquisition of Landshire's wholesale and manufacturing operations further fortifies AdvancePierre's market-leading position in providing sandwich solutions to our customers," added Matthew Wilson, director of AdvancePierre's board of directors and co-portfolio manager at Oaktree Capital Management L.P. "We continue to see a significant number of highly attractive, synergistic acquisition opportunities for our two core business lines — sandwiches and value-added protein solutions — and believe the company is well capitalized to fund future opportunities as they arise. We expect AdvancePierre to announce additional transactions this year based upon our current pipeline of prospective partners."
The Trover family will retain its proprietary direct-store-delivery distribution network of more than 100 routes in 23 states that will be known as "Landshire Distribution" after the acquisition closes. The family has entered into a mutually beneficial distribution agreement with AdvancePierre, the companies reported.
A new set of premium products will join the AdvancePierre portfolio through the acquisition, complementing and increasing the company's product offerings. Landshire's facilities will also provide AdvancePierre with additional capacity for increased sandwich and bakery production.
The transaction is expected to close during the first quarter. Financial details were not disclosed.