US: Ralcorp acquires Bloomfield Bakers
US branded and own label manufacturer Ralcorp Holdings has entered into an agreement to acquire Bloomfield Bakers, a manufacturer of cereal bars and organic speciality cookies, crackers and cereals sold to branded businesses and retailers.
Ralcorp will pay US$139.6m in cash for ownership interests in Bloomfield and its affiliated entity, Lovin Oven.
Bloomfield posted net annual sales of $188m for the previous fiscal year. Based on this, Ralcorp said it anticipates the transaction to be slightly accretive during the remainder of 2007.
The transaction is expected to close within thirty days and is subject to customary closing conditions.
Ralcorp will finance the deal through borrowings under its existing $150m revolving credit facility.
Bloomfield will be integrated into Ralcorp's Ralston Foods business unit.
"We are excited about the addition of Bloomfield Bakers and its superior management team. Bloomfield will allow Ralcorp to expand into the growing nutritional and cereal bar categories and offer Ralcorp the ability to further develop its natural and organic baked offerings," Ralcorp said.
Companies: Ralcorp Holdings
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