GSA Daily staff Report
Published Oct. 1, 2010
Pierre Foods Inc., Advance Food Co. and Advance Brands LLC have officially closed on their merger to form AdvancePierre Foods. The combined entity has approximately $1.3 billion in net sales.
Pierre Foods operates a sandwich assembly facility in Easley. 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.
The merger agreement was announced on July 28.
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.
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.