AdvancePierre™ Foods Completes Acquisition of Better Bakery Manufacturing Assets
By Business Wire News
AdvancePierre Foods (“AdvancePierre”), a leading supplier of value-added protein and sandwich solutions to foodservice, retail and convenience channels, today announced that it has completed the acquisition of the manufacturing assets of Better Bakery, LLC (“Better Bakery”), a Valencia, Calif.-based manufacturer of premium stuffed sandwiches. Production is being relocated to AdvancePierre’s sandwich manufacturing operation in Caseyville, Ill.
The addition of Better Bakery’s premium, handcrafted stuffed sandwiches expands AdvancePierre’s ready-to-eat sandwich platform and enables new distribution and market penetration with premium and natural food customers.
Funds managed by Oaktree Capital Management, L.P. are AdvancePierre’s majority shareholder. Financial terms of the transaction were not disclosed.
About AdvancePierre Foods
AdvancePierre™ Foods, Inc., headquartered in Cincinnati, Ohio, is a nationally recognized manufacturer and marketer of value-added proteins and sandwich products to a wide variety of distribution outlets including foodservice, retail and convenience store providers. With revenues of $1.6 billion and more than 4,000 employees, AdvancePierre offers a broad line of packaged sandwiches; fully cooked beef, chicken, and pork products; uncooked meat items such as Philly-style steak, breaded beef and stuffed chicken entrees; and bakery products that are all produced from high-quality ingredients and provide unparalleled taste, convenience and value to both operators and their patrons. Funds managed by Oaktree Capital Management, L.P., a Los Angeles-based investment firm, is the majority shareholder of AdvancePierre Foods.
Oaktree Capital Group, LLC (NYSE: OAK) is a leader among global investment managers specializing in alternative investments, with $90.8 billion in assets under management as of December 31, 2014. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Laura Phillips, 513-381-8347 (w)