/C O R R E C T I O N -- AdvancePierre Foods/

In the news release, AdvancePierre™ Foods to Acquire Wholesale and Manufacturing Operations of Landshire, Inc., issued 20-Jan-2015 by AdvancePierre Foods over PR Newswire, we are advised by the company that the fifth paragraph should appear as the third paragraph, and that the third paragraph, first sentence, should read "The acquisition of Landshire's wholesale and manufacturing operations further fortifies AdvancePierre's market-leading position in providing sandwich solutions to our customers," commented Matthew Wilson, Director of AdvancePierre's board of directors and Co-Portfolio Manager at Oaktree Capital Management, L.P. OAK." rather than "The acquisition of Landshire's wholesale and manufacturing operations further fortifies AdvancePierre's market-leading position in providing sandwich solutions to our customers," commented Matthew Wilson, Director of AdvancePierre's board of directors and Co-Portfolio Manager at Oaktree Capital Management, L.P." as originally issued inadvertently. The complete, corrected release follows:

AdvancePierre™ Foods to Acquire Wholesale and Manufacturing Operations of Landshire, Inc.

Highly strategic acquisition provides new product capabilities and additional sandwich and bakery capacity

CINCINNATI, Jan. 20, 2015 /PRNewswire/ -- AdvancePierre Foods ("AdvancePierre"), a leading supplier of value-added, center-of-plate protein and sandwich products to foodservice, retail and convenience channels, today announced that it has entered into a definitive agreement to acquire the wholesale and manufacturing operations of Landshire, Inc. ("Landshire"), a Caseyville, Ill.-based manufacturer of sandwich products.

"We are very excited about the recognized and established product platform and first-class facility that Landshire brings to our existing portfolio and network," said John Simons, President and CEO of AdvancePierre. "We are eager to build upon the Trover family legacy and delighted to incorporate Landshire's product capabilities for our customers across our broad sales channels. This acquisition underscores AdvancePierre's commitment to innovation and quality as we continue to provide our customers with tasty and unique sandwiches and center-of-plate proteins solutions."

"The acquisition of Landshire's wholesale and manufacturing operations further fortifies AdvancePierre's market-leading position in providing sandwich solutions to our customers," commented Matthew Wilson, Director of AdvancePierre's board of directors and Co-Portfolio Manager at Oaktree Capital Management, L.P. OAK. "We continue to see a significant number of highly attractive, synergistic acquisition opportunities for our two core business lines – sandwiches and value-added protein solutions – and believe the company is well capitalized to fund future opportunities as they arise. We expect AdvancePierre to announce additional transactions this year based upon our current pipeline of prospective partners."

Under the terms of the agreement, AdvancePierre will assume ownership of Landshire's sandwich manufacturing operations, which produce more than 80 frozen, fully cooked products and feature a wide variety of sandwiches including patties, subs, wedges, breakfast offerings and specialty items. The products have a significant presence in foodservice, retail and convenience channels. The Trover family will retain its proprietary direct store delivery distribution network of more than 100 routes in 23 states – which will be known as "Landshire Distribution" after the acquisition closes – and has entered into a mutually beneficial distribution agreement with AdvancePierre. 

The acquisition brings a new set of premium products to the AdvancePierre portfolio that will complement and increase its product offerings and thoroughly align with the channels it serves.  Additionally, Landshire's facilities will provide AdvancePierre with additional capacity for increased sandwich and bakery production. An industry leader in sandwich production, AdvancePierre currently produces approximately 2 million sandwiches a day. The addition of Landshire is expected to comprise more than 10 percent of AdvancePierre's sandwich sales in 2015.

Landshire's Caseyville, Ill., manufacturing facility will be a part of the AdvancePierre family of operating facilities. AdvancePierre expects the transaction to close during the first quarter of 2015. Financial details of the transaction were not disclosed.

About AdvancePierre Foods
AdvancePierre™ Foods, Inc., headquartered in Cincinnati, Ohio, is a nationally recognized manufacturer and marketer of value-added proteins and sandwich products to a wide variety of distribution outlets including foodservice, retail and convenience store providers. With revenues of $1.6 billion and more than 4,000 employees, AdvancePierre offers a broad line of packaged sandwiches; fully cooked beef, chicken, and pork products; uncooked meat items such as Philly-style steak, breaded beef and stuffed chicken entrees; and bakery products that are all produced from high-quality ingredients and provide unparalleled taste, convenience and value to both operators and their patrons. An affiliate of Oaktree Capital Management, L.P., a Los Angeles-based investment firm, is the majority shareholder of AdvancePierre Foods.

About Oaktree
Oaktree OAK is a leader among global investment managers specializing in alternative investments, with $93.2 billion in assets under management as of September 30, 2014. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.  

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/advancepierre-foods-to-acquire-wholesale-and-manufacturing-operations-of-landshire-inc-300023038.html

SOURCE AdvancePierre Foods