AdvancePierre Foods Result of New Merger

CINCINNATI – Pierre Foods, Advance Food Company and Advance Brands have officially closed on their merger to form AdvancePierre Foods. The combined entity has approximately $1.3 billion in net sales.

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.

AdvancePierre Foods is a leading supplier of value-added protein and handheld convenience products to the foodservice, school, retail, club, vending and convenience store markets. The company 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, with some divisional leadership based in Oklahoma, 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 operates bakeries in North Carolina and Oklahoma.

Bill Toler, current CEO of Pierre Foods, is the CEO of the new company. The management team for AdvancePierre Foods includes executives from all three companies.

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