Under the terms of the agreement, the company will continue to operate as Filet of Chicken, and House of Raeford will honor all existing FOC supplier and customer agreements and contracts. The current FOC management group will administer all purchasing and sales agreements as an independent operating unit. The companies also have agreed to a long-term supply and joint marketing agreement. The companies expect the deal to close no later than June 27.
"This will add a complete line of par-fried products to House of Raeford's existing fully-cooked breaded, formed, whole-muscle, roasted and deli chicken and turkey products produced in our three other cook plants," said Bob Johnson, president and CEO of House of Raeford.
FOC is a leading supplier of par-fried frozen poultry products. The company employs approximately 500 workers at its Forest Park, Ga. plant. FOC produces battered and breaded chicken nuggets and tenders; marinated and roasted wings; and IQF filets and tenders, among other items.
“We sincerely believe that this transaction is a ‘win’ for all parties, from House of Raeford, which will acquire one of the leading facilities and teams in the further processing space, to the customers and suppliers of FOC, who will now be partnered with a leading poultry company that we highly respect, said Rob Holland, CEO of Flagship Food Group. The transaction also is the beginning of a long-term relationship between Flagship and House of Raeford, which allows us as partners to develop innovative new products for our customers.”
Flagship Food Group is a diversified global food company that serves retail and foodservice industries in the United States and internationally. The company sells products under the TJ Farms, 505 Southwestern, Oh Boy, and Lilly B’s retail brands, as well as through the TJ Farm, Oasis Foods, and House of Lords food service brands. Flagship Food Group operates manufacturing, warehouse and offices in eight locations in the US and in the United Kingdom.