United Natural Foods Agrees to Buy Tony's Fine Foods for $195.3 MlnCatherine Kinney (Author) Published Date : May 29, 2014 18:38 ET
United Natural Foods (UNFI), a distributor of natural, organic and specialty foods, said it agreed to acquire Tony's Fine Foods, a distributor of protein, cheese and deli products, for $195.3 million in cash and stock. For its fiscal year ended Sept. 30, 2013, Tony's generated $714 million in net sales, the company said, noting it expects the deal to boost its earnings in fiscal 2015. The deal is expected to close late in Q4 of UNFI's fiscal year. The purchase will be funded with about $187.8 million in cash and approximately 112,000 shares of UNFI common stock. The company expects to finance the cash portion of the purchase price with a combination of available cash and borrowings under its revolving credit facility, which it amended Wednesday to increase the aggregate amount of availability by $100 million. UNFI was inactive in recent pre-market trading after closing Wednesday at $66.72, in a 52-week range of $50.88 to $79.64.
United Natural Foods Agrees to Buy Tony's Fine Foods for $195.3 Mln