|LOS ANGELES, May 24, 2013 /PRNewswire/ — Flagship Food Group announced today that it has closed on its acquisition of Atlantic Foods Group, Ltd. The transaction will bring together two businesses focused on developing, sourcing, manufacturing, and distributing a wide range of innovative food products for retail and restaurant customers. U.K.-based Atlantic Foods Group bolsters Flagships’ international presence while adding an impressive line-up of food service products and customers. The combined business is expected to generate approximately $300 million in annual turnover, operating seven facilities in five time zones. Terms of the proposed transaction were not disclosed.
Rob Holland, CEO of Flagship, said “We are thrilled to be bringing the Atlantic Foods business into the Flagship family. The acquisition represents an excellent opportunity for us to further develop our global food business, building on the successful acquisitions we have achieved to date. It will provide new competencies for us in the fast growing food-service markets and extend our geographic footprint into Europe.”
Russell Maddock and Edward Baker will remain in their current capacities as CEO and Managing Director, respectively, of Atlantic Foods. Maddock commented, “Our new partnership with Flagship represents the perfect fit for our company. Flagship values our people, our products, our relationships, our culture, and all of the attributes that make Atlantic Foods Group valuable to our customers. We expect very little to change, other than that we now have more resources and support to fuel our mission of becoming a premier, food service-focused, collaborative supplier partner to our customers across Europe.”
Flagship Food Group was advised by Fladgate LLP, Nixon Peabody LLP, and Deloitte LLP. Financing for the deal was provided by KeyBank N.A., HSBC Bank USA, N.A., Fifth Third Bank, and Western Alliance Bank. Atlantic Foods Group was advised by PDT Solicitors, Stamford Partners, and KPMG LLP.