Sean Moloughney07.07.09
Dallas, TX-based Dean Foods Company has formally completed its acquisition of the Alpro division of Vandemoortele N.V. in a deal worth approximately €325 million.
Alpro is a European leader in branded soy-based beverage and food products with net sales of approximately €260 million in 2008 sold under the Alpro soya and Provamel brands. Alpro has five manufacturing sites in Belgium, the UK, France and the Netherlands, and employs about 750 people.
The acquisition is being financed under Dean Foods' existing revolving credit facility and is expected to be modestly accretive to 2009 earnings, excluding transaction-related costs.
Dean Foods remains committed to deleveraging its balance sheet to below 3.5x funded debt to EBITDA, as defined by its bank agreement. Inclusive of the EBITDA and debt impacts of this transaction, the company continues to expect to achieve that goal and will not raise additional equity as a result of its acquisition of Alpro.
Alpro is a European leader in branded soy-based beverage and food products with net sales of approximately €260 million in 2008 sold under the Alpro soya and Provamel brands. Alpro has five manufacturing sites in Belgium, the UK, France and the Netherlands, and employs about 750 people.
The acquisition is being financed under Dean Foods' existing revolving credit facility and is expected to be modestly accretive to 2009 earnings, excluding transaction-related costs.
Dean Foods remains committed to deleveraging its balance sheet to below 3.5x funded debt to EBITDA, as defined by its bank agreement. Inclusive of the EBITDA and debt impacts of this transaction, the company continues to expect to achieve that goal and will not raise additional equity as a result of its acquisition of Alpro.