AdvancePierre Foods considers sale

by MEAT+POULTRY staff
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CINCINNATI – AdvancePierre Foods, the protein and sandwich supplier, is reportedly interviewing investment banks to prepare for a sale that could value the company at more than $2 billion, including debt, according to Reuters.

AdvancePierre is owned by the private equity firm, Oaktree Capital Group LLC. AdvancePierre Foods was formed in 2010 when Pierre Foods, which Oaktree acquired out of bankruptcy in 2008, merged with Advance Foods Co and Advance Brands LLC.

Oaktree Capital Group LLC, is reportedly meeting with banks this week in order to appoint financial advisors that will help with AdvancePierre’s sale process.

Representatives for AdvancePierre and Oaktree did not immediately respond to requests from Reuters for comment.

Cincinnati, Ohio-based AdvancePierre manufactures packaged sandwiches, fully cooked and uncooked meat products and bakery items that are distributed to schools, universities, convenience stores, supermarkets and warehouse clubs. The company has more than 4,000 employees and generates annual revenue of $1.6 billion.

In late January, there were reports that AdvancePierre Foods had plans to acquire the wholesale and manufacturing operations of Landshire Inc., a Caseyville, Ill., manufacturer of sandwich products. Financial details of the agreement were not disclosed.

Terms of the agreement would give AdvancePierre ownership of Landshire’s sandwich manufacturing operations, which includes more than 80 frozen, fully cooked products and a wide variety of sandwiches such as patties, subs, wedges, breakfast offerings and specialty items.

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