COLUMBUS, Ohio, Nov. 3, 2016 /PRNewswire/ -- Lancaster Colony
Corporation (Nasdaq: LANC) announced today that its wholly-owned
subsidiary, T. Marzetti Company, has entered into a definitive
agreement to acquire all of the assets of Angelic Bakehouse, Inc.,
a manufacturer and marketer of premium sprouted grain bakery
products. The transaction is expected to close later this
month. The acquisition will be funded internally with cash on
hand and is not material to the financial position of Lancaster
Colony Corporation. Annual sales for Angelic Bakehouse are
approximately $12 million and the
impact of the acquisition on Lancaster Colony's earnings per share
is expected to be near neutral for the current fiscal year ending
June 30, 2017. Other terms of
the transaction are not disclosed.
The founders of Angelic Bakehouse, husband and wife James and Jenny Marino, have built Angelic
Bakehouse from a Milwaukee-based
bakery they acquired in 2009 into a fast growth regional business
and great brand with a variety of premium sprouted grain bakery
products, including sliced bread, dinner rolls, pizza crusts and
wraps. James and Jenny Marino
will continue to lead the Angelic Bakehouse business
post-closing.
Dave Ciesinski, Lancaster
Colony's President and Chief Operating Officer, stated "We are
thrilled to add Angelic Bakehouse and their terrific lineup of
non-GMO bakery products to our growing specialty foods
business. Angelic Bakehouse is a highly relevant, on-trend
business that produces a variety of great tasting, nutritious,
non-GMO bakery items featuring their proprietary sprouted mash™
ingredient crafted from an assortment of unique sprouted
grains. As a regional retail brand in the Midwestern U.S.,
Angelic Bakehouse has placement in the growing specialty
deli/bakery section of the grocery store. Beyond growth
through geographic and channel expansion, we are also excited about
the opportunities that the Angelic Bakehouse sprouted mash™ base
provides for product innovation, a recent example being the
introduction of Angelic Bakehouse® bread crisps in three
different varieties. We are very pleased to welcome the
Angelic Bakehouse employees to the family of Lancaster Colony
companies and look forward to a successful future together."
About Lancaster Colony Corporation
Lancaster Colony Corporation is a manufacturer and marketer of
specialty food products for the retail and foodservice markets.
About Angelic Bakehouse
Angelic Bakehouse is a manufacturer and marketer of branded
premium and non-GMO sprouted grain bakery products primarily for
the retail markets.
Forward-Looking Statements
We desire to take advantage of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995 (the
"PSLRA"). This news release contains various "forward-looking
statements" within the meaning of the PSLRA and other applicable
securities laws. Such statements can be identified by the use of
the forward-looking words "anticipate," "estimate," "project,"
"believe," "intend," "plan," "expect," "hope" or similar words.
These statements discuss future expectations; contain projections
regarding future developments, operations or financial conditions;
or state other forward-looking information. Such statements are
based upon assumptions and assessments made by us in light of our
experience and perception of historical trends, current conditions,
expected future developments; and other factors we believe to be
appropriate. These forward-looking statements involve various
important risks, uncertainties and other factors, many of which are
beyond our control, which could cause our actual results to differ
materially from those expressed in the forward-looking statements.
Some of the key factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
include:
- the ability to meet the closing conditions to the
acquisition;
- delay in closing the acquisition;
- the ability to successfully integrate the acquisition of
Angelic Bakehouse, Inc. and subsequently grow the
business;
- the potential for loss of larger programs or key customer
relationships;
- the effect of consolidation of customers within key market
channels;
- the success and cost of new product development
efforts;
- the lack of market acceptance of new products;
- price and product competition;
- the reaction of customers or consumers to the effect of
price increases we may implement;
- the possible occurrence of product recalls or other
defective or mislabeled product costs;
- changes in demand for our products, which may result from
loss of brand reputation or customer goodwill;
- maintenance of competitive position with respect to other
manufacturers;
- the extent to which future business acquisitions are
completed and acceptably integrated;
- fluctuations in the cost and availability of ingredients and
packaging;
- capacity constraints that may affect our ability to meet
demand or may increase our costs;
- dependence on contract manufacturers;
- stability of labor relations;
- adverse changes in freight, energy or other costs of
producing, distributing or transporting our products;
- dependence on key personnel and changes in key
personnel;
- changes in our cash flow or use of cash in various business
activities;
- changes in estimates in critical accounting
judgments;
- the outcome of any litigation or arbitration; and
- risks related to other factors described under "Risk
Factors" in other reports and statements filed by us with the
Securities and Exchange Commission, including without limitation
our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
(available at www.sec.gov).
Forward-looking statements speak only as of the date they are
made, and we undertake no obligation to update such forward-looking
statements, except as required by law. Management believes these
forward-looking statements to be reasonable; however, you should
not place undue reliance on statements that are based on current
expectations.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lancaster-colony-acquires-angelic-bakehouse-inc-300356698.html
SOURCE Lancaster Colony Corporation