USA: Lancaster Colony to acquire Flatout Holdings
Lancaster Colony, a manufacturer and marketer of specialty food products for the retail and foodservice market, has announced that it is to acquire Flatout Holdings, a producer of branded flatbread products predominantly for retail channels.
Lancaster Colony is acquiring Flatout from private equity firm North Castle Partners through its wholly-owned subsidiary T. Marzetti Company for a price of appoximately $92 million on a cash-free and debt-free basis.
Bruce Rosa, President of T. Marzetti Company, stated: “We are very excited to add Flatout® flatbreads to our specialty foods business as a better-for-you branded retail product with extraordinary taste, nutritional advantages and convenient versatility for most every eating occasion. Since introducing their first flatbread wraps to retailers in 2000, Flatout has continued to pioneer the on-trend and growing flatbread category as consumer preferences have shifted towards more healthy living and nutritional awareness".
Flatout markets a range of bread products under its Flatout brand, including traditional, light and 'healthy grain' flatbreads in both flavoured and unflavoured options. The company's annual net sales for the twelve months ended 31st December 2014 were approximately $46 million.
Source: Lancaster Colony / Flatout