19 Dec McCain Foods to acquire Kitchens of Sara Lee (Australia) from Hillshire Brands
Excerpt of press release by McCain Foods
(BALLARAT, Australia, December 19, 2012) – McCain Foods (Aust) Pty. Ltd. today announced that it has signed a Share Purchase Agreement to acquire 100% of the shares of the Kitchens of Sara Lee (KOSL) frozen bakery business based in Australia and New Zealand from Hillshire Brands.
The agreement – valued at AUD$82 million (approximately US$85 million) – encompasses KOSL’s manufacturing, marketing, distribution and exporting of frozen desserts, as well as licensing rights to the Sara Lee trademark in connection with the bakery business in Australia and other areas within the Pacific Rim. The transaction is subject to closing conditions and regulatory approvals.
Steve Yung, managing director of McCain Australia/New Zealand said, “Sara Lee will be a great addition to our family of frozen foods, offering our customers an expanded range of products across desserts, meals and snack occasions. Sara Lee is a recognized and trusted brand that is highly complementary to our business.”
KOSL is a leading Australian and New Zealand frozen food company that manufactures, sells and distributes a range of Sara Lee branded products in the frozen desserts, super premium ice cream, pastries, frozen savoury meals and frozen fruit categories. KOSL produces the majority of its products at a facility in Lisarow, New South Wales and employs approximately 500 people.
Atlas Advisors acted as exclusive financial advisor to McCain Foods in connection with this transaction.
Atlas Advisors is the marketing name for Atlas Advisors, LLC and Atlas Strategic Advisors, LLC. Atlas Strategic Advisors, LLC provides financial advisory services in connection with mergers, acquisitions and other similar transactions. Atlas Strategic Advisors, LLC is a wholly owned subsidiary of Atlas Advisors, LLC and a member of the FINRA.
None of the information contained in this release constitutes a recommendation, solicitation or offer by Atlas Strategic Advisors, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.