CINCINNATI — AdvancePierre Foods Holdings, Inc. has acquired Allied Specialty Foods, Inc., a manufacturer of raw and cooked beef and chicken Philly steak products. AdvancePierre purchased the company from Steven Zoll for $60 million in cash.
AdvancePierre expects the acquisition will be accretive to its fiscal 2017 earnings, contributing $11 million to $13 million, AdvancePierre said.
|John Simons, president and c.e.o. of AdvancePierre|
“We are pleased to add Allied’s synergistic product platform and unique capabilities to our existing portfolio and network,” said John Simons, president and chief executive officer of AdvancePierre. “The Philly steak category is primed for growth, and this acquisition strengthens our position, brings us additional products and production capacity, and expands our geographic reach.”
Allied’s customer base is predominantly in the food service industry. The company, founded in 1956, operates out of a 20,000-square-foot manufacturing facility in Vineland, N.J. with two cook lines, three raw slicing lines and one breakaway steak line. In June, Allied began building a new 70,000-square-foot facility with seven raw slicing/breakaway lines and four cook lines. That facility is expected to be completed during the first quarter of 2017.
|Dean Hollis, chairman of the AdvancePierre board of directors|