AdvancePierre Foods Holdings Purchases Allied Specialty Foods for $60 Mln

AdvancePierre Foods Holdings (APFH) completed a $60 million acquisition of Allied Speciality Foods Inc, the company said Monday.

The sandwich and sandwich-component creator bought the Philly steak-producing Allied Foods from Steven Zoll. The deal was funded from cash savings, and AdvancePierre saints expects the deal to assist with FY 2017 earnings, improving earnings per share by $0.07 – $0.09.

“We are pleased to add Allied’s synergistic platform and unique capabilities to our existing portfolio and network,” said AdvancePierre Chief Executive Officer John Simmons. “The Philly steak category is primed for growth, and this acquisition strengthens our position, brings us additional products and production capacity and expands our geographic reach.”

Shares for AdvancePierre were last trading at $26.21 at the close of trading Friday

By Sherwood Contributor