Food & Beverage Sector: Sanfilippo Buys Orchard Valley Harvest Assets
(Comment on this article at http://www.financialwire.net/2010/05/25/food-beverage-sector-john-b-sanfilippo-buys-orchard-valley-harvest-assets/)
May 24, 2010 (FinancialWire) -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) said that it has completed the acquisition of certain assets and assumption of certain liabilities of Orchard Valley Harvest, Inc..
Under terms of the agreement, JBSS paid $32.8 million in cash funded from excess availability in the JBSS bank credit facility. The company said it may also pay amounts of up to $10.5 million, contingent upon performance of the acquired business for the 2010 and 2011 calendar years.
California-based Orchard Valley Harvest is a supplier of branded and private label nut and dried fruit products in the produce category.
Illinois-based John B. Sanfilippo & Son is a processor, packager, marketer and distributor of shelled and in-shell nuts and nut related products in the United States. Its products are sold under a variety of private labels and under the company's Fisher, Sunshine Country, Flavor Tree and Texas Pride brand names.
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