DENVER – The WhiteWave Foods Company (NYSE:WWAV) ("WhiteWave"), a leading consumer packaged food and beverage company in North America and Europe, announced that it has completed its previously announced acquisition of So Delicious® Dairy Free for approximately $195 million in cash. WhiteWave funded the acquisition through existing cash balances and available credit.
Gregg Engles, Chairman and Chief Executive Officer of WhiteWave, said, "We are pleased to complete this transaction, which represents a great addition to the WhiteWave portfolio and fits squarely within our strategy of driving growth in our core businesses. So Delicious is an outstanding company and a unique player in the market, and its portfolio of plant-based beverages, creamers, cultured products and frozen desserts will provide WhiteWave with significant growth opportunities in the dynamic plant-based food and beverage space. We look forward to partnering with our talented colleagues at So Delicious as we continue to change the way the world eats for the better."
ABOUT THE WHITEWAVE FOODS COMPANY
The WhiteWave Foods Company is a leading consumer packaged food and beverage company that manufactures, markets, distributes, and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce throughout North America and Europe. The Company is focused on providing consumers with innovative, great-tasting food and beverage choices that meet their increasing desires for nutritious, flavorful, convenient, and responsibly-produced products. The Company's widely-recognized, leading brands distributed in North America include Silk® plant-based foods and beverages, International Delight® and LAND O LAKES®* coffee creamers and beverages, Horizon Organic® premium dairy products and Earthbound Farm® certified organic salads, fruits and vegetables. Its popular European brands of plant-based foods and beverages include Alpro® and Provamel®. To learn more about WhiteWave, visit www.whitewave.com; and for more information about Earthbound Farm, visit www.ebfarm.com.
* The LAND O LAKES brand is owned by Land O'Lakes, Inc. and is used by license.
ABOUT SO DELICIOUS® DAIRY FREE
Based in Eugene, Oregon since 1987, So Delicious® Dairy Free provides consumers with the broadest selection of delicious alternatives to dairy-based foods and beverages. Ideal for 50 million lactose intolerant Americans and millions of other fans with a variety of food sensitivities, So Delicious Dairy Free products are proud to offer truly delicious solutions across numerous categories for people with special dietary needs and desires. All products are 100% plant based and Non-GMO Project Verified with no artificial sweeteners, trans-fats or hydrogenated oils. Many products are made with certified organic and fair trade ingredients. So Delicious Dairy Free's portfolio includes dairy-free frozen desserts, beverages, cultured products, coffee creamers, and more. So Delicious was founded in 1987 by Mark Brawerman, who was CEO until 2013.
FORWARD-LOOKING STATEMENTS
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, the significant growth opportunities to WhiteWave from the transaction, and other statements that begin with words such as "believe," "expect," "anticipate" or similar terms. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release. The So Delicious business may not achieve the level of sales or profitability that justifies our investment, or may have unidentified liabilities for which WhiteWave, as a successor owner, may be responsible. The expected accretive impact of the So Delicious acquisition may depend on our ability to effectively integrate its products into our existing product mix, integrate its distribution channels, sales force and supply chain into our existing supply chain and achieve anticipated cost savings, and retain key personnel and customers of So Delicious. The process of integrating So Delicious into our existing operations may divert management's attention from the day-to-day operations of our existing businesses. Financial projections are based on a number of assumptions, and actual results could be materially different than projected if those assumptions are erroneous. WhiteWave's ability to meet targeted financial and operating results depend on a variety of economic, competitive, and governmental factors, including raw material availability and costs, the demand for the Company's products, and the Company's ability to access capital under its credit facilities or otherwise, many of which are beyond the Company's control and which are described in the Company's 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission, as supplemented and updated by our quarterly reports on Form 10-Q and other SEC filings. The forward-looking statements in this press release speak only as of the date of this release. WhiteWave expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Source: Globe Newswire
