Flowers Foods has entered into a definitive agreement to acquire Florida-based ButterKrust Bakery.
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ButterKrust operates one bakery in Lakeland, Florida. The company sells the Country Hearth, Rich Harvest and Sunbeam brands and produces own-label baked goods for retailers throughout the state. Annual sales total approximately US$70m.
“ButterKrust Bakery will bring additional production capacity to help our company better serve the Florida market,” George Deese, Flowers Foods’ chairman CEO and president, commented.
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Deese highlighted the potential of the Florida market, which has seen its population almost double to 18m people over the past 25 years. According to Deese, Florida will have more than 23m residents by 2020.
“Flowers Foods’ growth in Florida has been strong and we expect that to continue. This acquisition should serve our production capacity needs in the state for the foreseeable future,” Deese said.
The ButterKrust bakery will continue to operate under the same management following the completion of the acquisition.
Earlier this week Flowers Foods announced that it is also planning to acquire Holsum Bakery in Arizona.
When contacted by just-food today (26 June) the company said that with both deals pending regulatory approval it is unable to comment on either acquisition or its strategic growth plans.
