CHICAGO, Dec. 21, 2017 /PRNewswire/ -- Today Conagra
Brands, Inc. (NYSE: CAG) announced that it has entered into a
definitive agreement to acquire the Sandwich Bros. of Wisconsin business, which produces frozen
breakfast and entrée flatbread sandwiches. The transaction is
expected to close in early 2018, subject to customary closing
conditions, including the receipt of regulatory approvals.
"Adding the Sandwich Bros. business to our portfolio is another
step in Conagra Brands' ongoing work to accelerate growth," said
Sean Connolly, president and chief
executive officer of Conagra Brands. "This acquisition will bring
Conagra unique capabilities and expertise within the frozen
handheld category, which we look forward to leveraging for further
growth and extension into additional Conagra brands."
Sandwich Bros. flatbread pocket sandwiches offer consumers
on-the-go convenience and are filled with proteins such as 100%
Angus beef, chicken raised without antibiotics, all natural sausage
and real Wisconsin cheese. The
family-owned business has seen rapid growth with approximately
$60 million in net sales for the
twelve months ending November
2017.
"We are extremely proud of what our team has accomplished in a
few short years, and look forward to helping Conagra accelerate the
growth of Sandwich Bros. products," said Salem Kashou, President of
the Sandwich Bros. business and second-generation family
member.
"We are very pleased with Conagra's shared enthusiasm of
Sandwich Bros. and know they have the resources and expertise to
continue our legacy. Our incredible growth over the past five years
is attributed to the contributions from our loyal employees,
business partners and consumers. For that, my brother John and I
express our sincerest gratitude," added George Kashou, founder and co-owner of the
business.
McGrath North served as legal
counsel to Conagra Brands. Quarles & Brady served as legal
counsel and Chapman Partners, LLC served as financial advisor to
Sandwich Bros.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG),
headquartered in Chicago, is one
of North America's leading branded
food companies. Guided by an entrepreneurial spirit, Conagra Brands
combines a rich heritage of making great food with a sharpened
focus on innovation. The company's portfolio is evolving to satisfy
people's changing food preferences. Conagra's iconic brands, such
as Marie Callender's®, Reddi-wip®,
Hunt's®, Healthy Choice®, Slim Jim® and Orville Redenbacher's®, as well as emerging
brands, including Alexia®, Blake's®, Frontera®, Duke's® and
Angie's® BOOMCHICKAPOP®, offer choices for every occasion. For more
information, visit www.conagrabrands.com.
About Sandwich Bros. of Wisconsin Business
Sandwich
Bros. of Wisconsin brand is
produced by a family-owned and operated food company founded in
Milwaukee, Wisconsin in 1979 by
John and George Kashou. In 2012, the
brothers introduced a full line of frozen, handheld breakfast and
snack sandwiches under the brand name Sandwich Bros. of Wisconsin®.
The sandwiches are sold Nationwide to grocery stores, club,
convenience and mass merchandisers, in addition to, Foodservice,
Military and Private Label customers. Sandwich Bros.' mission is to
be a leading manufacturer of hand-crafted sandwiches and specialty
breads with continuous improvement, innovation and commitments to
provide safe, quality food to their customers and consumers. To
learn more about Sandwich Bros. of Wisconsin, visit www.SandwichBros.com.
Note on Forward-looking Statements
This press release
contains forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements are based
on management's current expectations and are subject to uncertainty
and changes in circumstances. These forward-looking statements
include, among others, statements regarding expected benefits of a
potential acquisition of the Sandwich Bros. of Wisconsin business, expectations about future
business plans, prospective performance, and opportunities,
regulatory approvals, and the expected timing of the completion of
the transaction. Readers of this press release should understand
that these statements are not guarantees of performance or results.
There is no assurance that the pending acquisition of the Sandwich
Bros. of Wisconsin business will
be consummated, and there are a number of risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements made herein. These risks and
uncertainties include, among other things: the timing to complete
the pending acquisition of the Sandwich Bros. of Wisconsin business; the ability and timing to
obtain required regulatory approvals and satisfy other closing
conditions for the pending acquisition of the Sandwich Bros. of
Wisconsin business; Conagra
Brands' ability to achieve the intended benefits of acquisitions
and divestitures, including the pending acquisition of the Sandwich
Bros. of Wisconsin business, the
pending divestiture by Conagra Brands of the Wesson oil business,
and the recent spin-off of Conagra Brands' Lamb Weston business;
general economic and industry conditions; Conagra Brands' ability
to successfully execute its long-term value creation strategy;
Conagra Brands' ability to access capital; Conagra Brands' ability
to execute its operating and restructuring plans and achieve its
targeted operating efficiencies, cost-saving initiatives, and trade
optimization programs; the effectiveness of its hedging activities,
and its ability to respond to volatility in its commodities; the
competitive environment and related market conditions; Conagra
Brands' ability to respond to changing consumer preferences and the
success of its innovation and marketing investments; the ultimate
impact of any product recalls and litigation, including litigation
related to the lead paint and pigment matters; actions of
governments and regulatory factors affecting Conagra Brands'
businesses; the availability and prices of raw materials, including
any negative effects caused by inflation or weather conditions;
risks and uncertainties associated with intangible assets,
including any future goodwill or intangible assets impairment
charges; the costs, disruption, and diversion of management's
attention associated with campaigns commenced by activist
investors; and other risks described in Conagra Brands' reports
filed from time to time with the Securities and Exchange
Commission. We caution readers not to place undue reliance on any
forward-looking statements included in this press release, which
speak only as of the date of this press release. We undertake
no responsibility to update these statements.
For more information, please contact:
MEDIA:
Kristine Mulford
224-321-2995
Kristine.mulford@conagra.com
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SOURCE Conagra Brands, Inc.