Convenience sandwich maker Pierre Foods Inc. said Tuesday it will merge with two Oklahoma based food service suppliers creating a new broader company with revenues in excess of $1 billion.
The combined companies will be known as Advance Pierre Foods and will be based at Pierre’s headquarters and main plant here, which employs just under 1,000.
Financial terms of the deal bringing together Pierre, controlled by Oaktree Capital Management, and family owned Advance Food Co. and Advance Brands LLC, a joint venture with Cargill Meat Solutions, weren’t announced.
Oaktree will be majority owner of the new company and the families of Paul Allen and David McLaughlin, who founded Advance in Enid, Okla., in 1973, will have a minority stake.
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