Suprema Specialties, Inc. (Nasdaq: CHEZ) announces its wholly owned subsidiary, Suprema Specialties Northwest, Inc., has completed the acquisition of Snake River Cheese LLC., located in Blackfoot, Idaho.
The operations acquired include a fully operational 37,000-sq. ft. facility with approximately 50 employees and consists of milk processing and cheese production equipment. The plant, which has its own dedicated milk supply, has the capability of producing mozzarella, parmesan, romano, monterrey jack and cheddar cheeses.
Mark Cocchiola, President and CEO, said, “We continue to be excited by this acquisition and believe it’s a great fit within our total cheese portfolio. This acquisition is expected to create immediate value by allowing us to expand our product line and increase our marketing and distribution channels to the Mountain states and the Midwest.”
The acquisition cost was $6 million and was financed through a leasing transaction. Additionally, Suprema has increased its line of credit facility with its bank syndication group, led by Fleet Bank as agent, from $85 million to $111 million to support its working capital requirements.
Suprema Specialties, Inc. manufactures, shreds, grates and markets gourmet all natural Italian variety cheeses under the Suprema Di Avellino® brand name as well as under private label. Suprema’s product lines consist primarily of domestic mozzarella, ricotta and provolone cheeses, grated and shredded parmesan, cheddar and romano cheeses, and imported parmesan and pecorino romano cheeses, including “lite” versions of certain of these products containing less fat, and fewer calories. The Company operates facilities in Idaho, New Jersey, New York and California. The Company supplies cheeses to foodservice, retail, and food manufacturing companies.
For Further Information About Suprema Specialties, Inc., Please visit: www.supremachez.com
The information provided in this Press Release contains forward-looking statements that involve risks and uncertainties more fully set forth in the Company’s filing. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this Report contains statements that are forward-looking, such as statements relating to plans for future activities. Such forward-looking information involves important known and unknown risks and uncertainties that could significantly affect actual results, performance or achievements of the Company in the future and, accordingly, such actual results, performance or achievements may materially differ from those expressed or implied in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to those relating to the Company’s growth strategy, customer concentration, outstanding indebtedness, seasonality, expansion and other activities of competitors, changes in federal or state laws and the administration of such laws, protection of trademarks and other proprietary rights, and the general condition of the economy and its effect on the securities markets and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statement was made. Statements made in this Press Release that are not historical facts are forward looking statements that are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ significantly from those discussed and/or implied herein.
