Flowers finalizes Holsum Bakery purchase
August 12, 2008
by Eric Schroeder
THOMASVILLE, GA. — Flowers Foods, Inc. announced the completion of its merger with Holsum Bakery, Inc. Holsum, which has annual sales of $146 million, will operate as a subsidiary of Flowers under its current name and with its existing management team.
The cash and stock transaction is valued at $150 million, half to be paid in cash and half in newly issued Flowers common stock.
Founded in 1881, Holsum employs 580 at two baking plants in Arizona and sells its products through independent distributors who serve retail and food service customers in Arizona, New Mexico, Southern California and southern Nevada. The company’s fresh bread and rolls are marketed under the Holsum, Aunt Hattie’s and Roman Meal brands.
Holsum has long enjoyed high esteem in the baking industry and has a history of innovation, dating back many decades. The company was the first to sell sliced bread in Arizona and the first bakery to use sanitary waxed paper wrappers.
The announcement comes a week after Flowers completed the acquisition of ButterKrust Bakery.