Pierre Foods Announces Acquisition

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Pierre Foods Announces Acquisition

11/16/2006
CINCINNATI -- Pierre Foods Inc. announced that it has entered into an agreement to purchase substantially all of the assets of Zartic Inc. and its affiliated distribution company, Zar Tran Inc. Zartic, headquartered in Rome, Ga., manufactures, sells, delivers and distributes a variety of food items, including packaged beef, poultry, pork and veal products.

The preliminary purchase price is $94 million plus the assumption of certain liabilities, subject to post-closing adjustments, according to a company news release. Pierre expects to finance the purchase through an amendment to its existing credit agreement.

Pierre is a leading manufacturer and marketer of differentiated food solutions, focusing on hand-held convenience sandwiches and pre-cooked protein products. Headquartered in Cincinnati, it markets its sandwiches under a number of brand names, such as Pierre, Clovervale Farms, Chef's Pantry, Fast Choice, Rib-B-Q, Blue Stone Grill, Hot 'n' Ready and Big AZ.